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CHAPTER 5 CROSSWORD QUIZ REVIEW

Name:______________________________

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