Across
- 4. The sum of variable cost plus fixed cost; All costs associated with production.
- 7. A stage of production where output increases at a decreasing rate as more units of variable input are added.
- 9. The costs of production that do not change when output changes.
- 10. A specific amount offered for sale at a given price; a Point on the Supply curve.
- 12. Extra output due to the addition of one more unit of input.
- 13. A principle that more will be offered for sale at higher prices than lower prices.
- 18. The broad category of fixed costs that includes interest, rent, taxes, and executive salaries.
- 20. The average price that every unit of output sells for.
- 23. The amount of a product a producer or seller would be willing to offer for sale at all possible prices in a market at a given point in time.
- 24. Different amounts offered for sale at every possible price in the market; Shift in the Supply Curve.
- 25. Total output or production by a firm.
- 26. Electronic business or exchange conducted over the internet.
Down
- 1. A change in the amount offered for sale in response to a price change; Movement along the Supply Curve.
- 2. A graphic portrayal showing how a change in the amount of a single variable input affects the total output.
- 3. A production period so short that only variable inputs (Labor usually) can be changed.
- 4. The total amount earned by a firm from the sale of its products; the Average price of a good sold times the quantity sold.
- 5. The production level where total cost equals total revenue: The production needed if the firm is to recover its costs.
- 6. The level of production where marginal cost is equal to marginal revenue.
- 8. A table showing the quantities that would be produced or offered for sale at every possible price in the market at a given point in time.
- 11. A graph that shows the quantities supplied at every possible price in the market.
- 13. A production period long enough to change the amount of variable and fixed inputs used in production.
- 14. Responsiveness of quantity supplied to a change in price.
- 15. A supply curve that shows the quantities offered at various prices by all firms that sell the same product in a given market.
- 16. Phases of production that consist of increasing, decreasing, and negative returns.
- 17. The extra cost of producing one additional unit of production.
- 19. The production cost that varies as output changes, including labor, energy, and raw materials.
- 21. The extra revenue from the sale of one additional unit of output.
- 22. A government payment to encourage or protect a certain economic activity.