Econ Chapter 5 Vocabulary Part 2

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Across
  1. 3. extra output due to the addition of one more unit of output
  2. 5. level of production where marginal cost is equal to marginal revenue
  3. 7. production level where total costs equal total revenue; production needed if the firm is to recover its costs
  4. 9. production cost that varies as output changes;labor, energy, raw materials
  5. 11. phases of producing that consist of increasing, decreasing, and negative returns
  6. 13. electronic businesses or exchange conducted over the internet
  7. 14. average price that every unit of output sells for
Down
  1. 1. extra cost of producing one additional unit of production
  2. 2. stage of production where output increases at a decreasing rate as more units of variable input are added
  3. 4. total amount earned by a firm from the sale of its products;average price of a good sold times the quanitity sold
  4. 6. costs of production that do not change when outputs change
  5. 8. extra revenue from the sale of one additinal unit of output
  6. 10. broad cateogry of fixed costs that include interest, rent, taxes, and executive salaries
  7. 12. sum of variable cost plus fixed cost;all costs associated with production