Across
- 3. a level of production at which the marginal product of labor decreases as the number of workers increases
- 7. a table that lists the quantity of a good a person buys at various prices in a market
- 9. producers offer more of a good as its price increases and less as its price falls
- 11. describes demand that is very sensitive to a change in price
- 12. the cost of operating a facility such as a factory or store
- 15. a tax on the production or sale of a good
- 19. the change in consumption that results when a price increase causes real income to decline
- 20. a graph of the quantity supplied of a good by all suppliers at various prices
- 22. a latin phrase that means "all other things held constant"
- 25. describes demand that is not very sensitive to price changes
- 26. two goods that are bought and used together
- 27. a graph of the quantity supplied of a good at various prices
- 29. the desire to own something and the ability to pay for it
- 31. the amount that a supplier is willing and able to supply at a specific price
- 32. the total cost divided by the quantity produced
- 34. a graphic representation of a demand schedule
- 37. a chart that lists how much of a good a supplier will offer at various prices
- 39. the cost of producing one more unit of a good
- 40. when consumers react to an increase in a goods price by consuming less of that good and more of a substitution good
Down
- 1. a cost that does not change no matter how much of a good is produced
- 2. a good that consumers demand less of when their incomes increase
- 4. consumers will buy more of a good if the price is lower or less when its price is higher
- 5. A measure of the way quantity supplied reacts to a change in price
- 6. a table that lists the quantity of a good all consumers will buy at various prices
- 8. a good that consumers demand more of when their incomes increase
- 10. a cost that rises or falls depending on the quantity produced
- 13. the additional income from selling one more unit of a good sometimes equal to price
- 14. a chart that lists how much a good all suppliers will offer at various prices
- 16. a level of production in which the marginal product of labor increases as the number of workers increase
- 17. government intervention in a market that affects the production of a good
- 18. the change in output from hiring one additional unit of labor
- 21. a measure of how consumers respond to price changes
- 23. the total amount of money a company receives by selling goods or services
- 24. the amount of goods available
- 28. describes demand whose elasticity is exactly equal to 1
- 30. a government payment that supports a business or market
- 33. a factor that can change
- 35. the sum of fixed cost plus variable cost
- 36. goods that are used in place of one another
- 38. the statistical characteristics of populations and population segments, especially when used to identify consumer markets