How Well Do You Know Economists' Lingo?

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Across
  1. 2. the idea that taxpayers with a greater ability to pay taxes should pay larger amounts
  2. 6. fixed costs divided by the quantity of output
  3. 11. total revenue minus total cost, including both explicit and implicit costs
  4. 16. the change in total revenue from an additional unit sold
  5. 17. the market value of the inputs a firm uses in production
  6. 18. the property whereby long-run average total cost stays the same as the quantity of output changes
  7. 20. costs that do vary with the quantity of output produced
Down
  1. 1. the increase in total cost that arises from an extra unit of production
  2. 3. total cost divided by the quantity of output
  3. 4. the property whereby long-run average total cost falls as the quantity of output increases
  4. 5. the quantity of output that minimizes average total cost
  5. 7. the property whereby the marginal product of an input declines as the quantity of the input increases
  6. 8. input costs that require an outlay of money by the firm
  7. 9. costs that do not vary with the quantity of output produced
  8. 10. the relationship between the quantity of inputs used to make a good and the quantity of output of that good
  9. 12. revenue minus total cost
  10. 13. variable costs divided by the quantity of output
  11. 14. the increase in output that arises from an additional unit of input
  12. 15. input costs that do not require an outlay of money by the firm
  13. 19. total revenue divided by the quantity sold