Supply Terms

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