Supply Terms

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Across
  1. 1. this is assumed by not given
  2. 4. what producers must decide according to what is best for the individual seller
  3. 6. more to total output that the worked before, total output rises at an increasing rate
  4. 7. amount offered for sale at a given price; point on the supply curve
  5. 8. production cost that varies as output changes; labor, energy, raw materials
  6. 10. stage of production where output increases at a shrinking rate as more units of variable inputs are added
  7. 15. total output or production by a firm
  8. 17. the more that will be offered for sale at higher prices than at lower prices
  9. 24. graph showing the various quantities supplied at all possible prices that might prevail in the market at a given time
  10. 25. measure of the degree to which the quantity supplied responds to a change in price.
  11. 26. where suppliers offer different amounts of a products for sale at all possible prices in the market
  12. 27. phases of production that consist of increasing, decreasing, and negative returns
  13. 28. is a payment to an individual, business, or other group to encourage or protect a certain type of economic activity
  14. 29. production level where total cost equals total revenue; production needed if the firm is to recover its costs
  15. 30. produces or brings into being
  16. 32. production period long enough for the firm to adjust the quantities of all its productive resources, including capital
  17. 33. level of production where marginal cost is equal to marginal revenue
Down
  1. 2. the change in the amount offered for sale in response to a change in price
  2. 3. broad category of fixed costs that includes interest, rent, taxes, and executive salaries
  3. 5. Total amount earned by a firm from the sale of its products; average price of a good sold times the quantity sold
  4. 9. costs of production that do not change when output changes
  5. 11. electronic business or exchange conducted over the internet
  6. 12. listing of the various quantities of a particular product a producer would supply at all possible prices in the market
  7. 13. the extra output or change in total product caused by adding on more unit of variable input
  8. 14. extra costs of producing one additional unit of production
  9. 16. handled by way of
  10. 18. a figure that shows how total output changes when the amount of a single variable input (usually labor) changes while all other inputs are held constant
  11. 19. curve a supply curve that shows the quantities offered at various prices by all producers that offer the product for sale in a given market
  12. 20. production period so brief that only the amount of the variable input can be changed
  13. 21. extra revenue from the sale of one additional unit of output
  14. 22. amount of a product grown, produced, or acquired and offered for sale at all possible prices
  15. 23. average price that every unit of output sells for
  16. 31. variable cost plus fixed cost; all costs associated with production