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Katie Douglas

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2.In the short run, output will change as one input is varied while the others are held constant.
5.The cost that a business incurs even if the plant is idle and output is zero.
7.The stage where output increases at a diminishing rate as more units of variable input are added.
12.The change in amount offered for sale in pesponse to a change in price.
13.A concept that describes the relationship between changes in output to different amount of a single input while other inputs are held constant.
14.A period of production long enough for producers to adjust the quantities of all their resources, including capital.
15.A government payment to an individual, business, or other group to encourage or protect a certain type of economic activity.
1.Reached when marginal cost and marginal revenue are equal.
3.Remains the same.
4.Unprocessed natural products used in production.
6.The extra output or change in the total product causes by the addition of one more unit of variable input.
8.A measure of the way in which quantity supplied responds to a change in price.
9.Electronic business or exchange conducted over the internet.
10.A situation where suppliers offer different amounts of product for sale at all possible in the market.
11.A period of production that allows producers to change only the amount of the varibale input called labor.

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