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Supply & Demand (Ch. 4, 5)

Business Economics

Complete the crossword puzzle using vocabulary words from chapters 4 and 5. Some words are actually phrases; these answers will run together, so you don't need to leave blank spaces.

DEMAND * DEMAND ELASTICITY * CHANGE IN DEMAND * DEMAND CURVE * LAW OF DEMAND

COMPLEMENT * ELASTIC DEMAND * SUBSTITUTES * MARGINAL UTILITY * UNIT ELASTIC DEMAND

CHANGE IN QUANTITY SUPPLIED * DIMINISHING RETURNS * FIXED COSTS * MARGINAL ANALYSIS

MARGINAL PRODUCT * MARGINAL REVENUE * PRODUCTION FUNCTION * LAW OF SUPPLY

TOTAL COST * CHANGE IN SUPPLY * OVERHEAD * TOTAL PRODUCT

1 2           3        
    4
  5                                     6
       
    7                          
  8 9      
10                                  
            11
        12    
      13       14  
          15        
                   
                16    
                     
                   
                   
                   
17                    
  18                            
                 
             
    19                              
         
       
  20                                    
       
21                            
22              

Across
2.Graph that shows the quantity demanded at all possible prices in the market at a given time.
5.A given change in price causes a proportional change in quantity demanded.
7.A principle illustrating that consumers demand different amounts at every price, causing the demand curve to shift to the left or the right.
10.Situation where the amount of products for sale changes while the price remains the same.
18.A production cost that does not change as total business output changes.
19.The additional output produced when one additional unit of input is added.
20.Associated with Stage II of production.
21.Total output produced by a firm.
22.Total fixed costs.
Down
1.A given change in price causes a relatively larger change in quantity demanded.
3.Change in the amount of products for sale when the price changes.
4.Decision making that compares the additional costs with the additional benefits of an action.
6.The desire, ability, and willingness to buy a product.
8.Principle that more will be offered for sale at high prices than at lower prices.
9.Measure of responsiveness relating change in quantity demanded to a change in price.
11.Additional satisfaction or usefulness as more units of a product are acquired.
12.A graphical representation of the theory of production.
13.Products that can be used in place of one another.
14.Statement that more will be demanded at lower prices and less at higher prices.
15.The sum of variable and fixed costs.
16.Change in total revenue from the sale of one additional unit of output.
17.Product that increases the use of another product.

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