Across
- 2. A measure of responsiveness that tells us how a dependent variable, such as quantity supplied, responds to a change in an independent variable such as price.
- 3. Broad category of fixed costs that includes interest, rent, taxes, and executive salaries.
- 6. Branch of economic theory that deals with behavior and decision making by small units such as individuals and firms.
- 7. Production level where total cost equals total revenue; production needed if the firm is to recover costs.
- 8. Government payment to encourage or protect a certain economic activity.
- 9. A graph that shows the quantities supplied at each and every possible price in the market.
- 12. The position of a change in quantity demanded that is due to a change in the relative price of a good.
- 15. Decrease in additional satisfaction of usefulness as additional units of a product are acquired.
- 16. Stage of production where output increases at a decreasing rate as more units of variable input are added.
Down
- 1. Responsiveness of quantity supplied to a change in price.
- 4. Combination of qualities that someone would be willing and able to buy over a range of possible prices at a given moment.
- 5. Something that motivates.
- 10. Rule stating that more will be demanded at lower prices and less at higher prices.
- 11. Graph showing the quantity demanded at each and every possible price that might prevail in the market at a given time.
- 13. Amount of a product a producer or seller would be able to offer for sale at all possible prices in a market at a given point in time.
- 14. Sum of variable costs plus fixed cost; all costs associated with production.