Across
- 2. production period long enough to change the amount of variable and fixed inputs used in production
- 6. government payment to encourage or protect a certain economic entity
- 9. total amount earned by a firm from the sale of its products
- 10. total output or production by a firm
- 11. the percentage change in the independent variable (usually price) causes a less than proportional change in the dependent variable
- 12. 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
- 13. average price that every unit of output sells for
- 15. competing products that can be used in place of one another
- 17. production level where total cos equals total revenue
- 19. sum of variable cost plus fixed cost
- 21. broad category of fixed cost that includes interest, rent, taxes, and executive salaries
Down
- 1. additional satisfaction or usefulness obtained from acquiring or consuming one more unit of a product
- 3. costs of production that do not change when output changes
- 4. principle that more will be offered for sale at higher prices than at lower prices
- 5. production cost that varies as output changes
- 7. production period so short that only variable inputs (usually labor) can be changed
- 8. extra revenue from the sale of one additional unit of output
- 11. something that motivates
- 14. combination of quantities that someone would b willing and able to buy over a range of possible prices at a given moment
- 16. products that increase the use of other products
- 18. a change in the independent variable (usually price) results in a larger change in the dependent variable
- 20. rule stating that more will be demanded at lower prices and less at higher prices