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Vocabulary Chapter 4-5 Economics

Across
The additional income from selling one more unit of a good; sometimes equal to price
A cost that rises or falls depending on the quantity produced
A table that lists the quantity of a good all consumers in a market will buy at various prices
The amount of goods available
Consumers will buy more of a good when its price is lower and less when its price is higher
Describes demand that is very sensitive to a change in price
A graphic representation of a demand schedule
A level of production in which the marginal product of labor increases as the number of workers increases
The cost of producing one more unit of a good
The statistical characteristics of populations and population segments, especially when used to identify consumers
Two goods that are bought and used together
A graph of the quantity supplied of a good at various prices
The sum of fixed costs plus variable costs
A factor that can change
A good that consumers demand more of when their incomes increase
Down
A chart hat lists how much of a good all suppliers will offer at various prices
A tax on the production or sale of a good
A government payment that supports a business or market
The desire to own something and the ability to pay for it
The change in output from hiring one additional unit of labor
A graph of the quantity supplied of a good by all suppliers at various prices
Describes demand whose elasticity is exactly equal to 1
The total amount of money a company receives by selling goods or services
Government intervention in a market that affects the production of a good