Skyla Moore - chapter 5 vocab

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