Edwin Simoncek Chapter 5

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