Economics Chapter 5 Vocab

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Across
  1. 1. responsiveness of quantity supplied to a change in price
  2. 4. extra output due to the addition of one more unit of input
  3. 6. production cost that varies as output changes; labor, energy, raw materials
  4. 7. phases of production that consist of increasing, decreasing, and negative returns
  5. 10. extra cost of producing one additional unit of production
  6. 13. graphic portrayal showing how a change in the amount of a single variable input affects total output
  7. 15. electronic business or exchange conducted over the Internet
  8. 18. specific amount offered for sale at a given price; point on the supply
  9. 19. average price that every unit of output sells for
  10. 21. stage of production where output increases at a decreasing rate as more units of variable input are added
  11. 22. principle that more will be offered for sale at higher prices than at lower prices
  12. 23. a graph that shows the quantities supplied at each and every possible price in the market
  13. 24. extra revenue from the sale of one additional unit of output
  14. 26. level of production where marginal cost is equal to marginal revenue
  15. 27. costs of production that do not change when output changes
  16. 28. 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
Down
  1. 2. government payment to encourage or protect a certain economic
  2. 3. supply curve that shows the quantities offered at various prices by all firms that sell the same product in a given market
  3. 5. total output or production by a firm
  4. 8. production period long enough to change amount of variable and fixed inputs used in production
  5. 9. level of production where marginal cost is equal to marginal revenue
  6. 11. different amounts offered for sale at each and every possible price in the market; shift of the supply curve
  7. 12. sum of variable cost plus fixed cost; all costs associated with production
  8. 14. production period so short that only variable inputs (usually labor) can be changed
  9. 16. change in the amount offered for sale in response to a price change; movement along the supply curve
  10. 17. broad category of fixed costs that includes interest, rent, taxes, and executive salaries
  11. 20. total amount earned by a firm from the sale of its products; average price of a good sold times the quantity sold
  12. 25. a table showing the quantities that would be produced or offered for sale at each and every possible price in the market at a given point in time