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CHAPTER 5 CROSSWORD QUIZ REVIEW

Name:______________________________

                       Date: _________ Period:____
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Across
1
Sum of variable cost plus fixed costs
5
Electronic business or exchange conducted over the internet
6
Production period so short that only variable inputs can be changed
7
Broad category of fixed costs that includes interest, rent, taxes, and executive salaries
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Total amount earned by a firm from the sale of its products
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Extra revenue from the sale of one additional unit of output
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Stage of production where output increases at a a decreasing rate as more units of variable input are added
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Principle that more will be offered for sale at higher prices than at lower prices
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Responsiveness of quantity supplied to a change in price
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Amount 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
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Total output or production by a firm
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A graph that shows the quantities supplied at each and every possible price in the market
Down
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Average price that every unit of output sells for
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Production cost that varies as output changes
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Production period long enough to change amount of variable and fixed inputs used in production
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Extra output due to the addition of one more unit of input
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Specific amount offered for sale at a given price
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A 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
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Production level where total cost equals total revenue
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Costs of production that do not change when output changes
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Government payment to encourage or protect a certain economic activity