Economics

3. Marginal Product x Marginal Revenue (or Price if the goods and services market is perfectly competitive)
7. Main reason for the decline of the global economy.
9. The additional output generated by employing one more unit of a resource.
10. A situation or determinant that increases both price elasticity of supply and price elasticity of demand.
11. What is enjoyed by sellers whose marginal private cost is below the price they actually receive as payment.
14. A good whose benefits are rival but difficult to keep non-payers from accessing.
17. The lost surplus created in a market when society doesn’t allocate the right amount of scarce resources for production.
20. In a perfectly competitive labor market, the wage, MFC and supply curve for a firm are…
21. A source of market failure that stems from spillover costs onto bystanders, making the market quantity greater than socially efficient.
23. At the quantity where ______ = zero, the demand curve of a firm is unit elastic.
24. The extra cost of hiring one more unit of a productive resource.

1. The difference between total benefits and total costs.
2. The entry of more firms into a perfectly competitive market due to short-run economic profit will…
4. The entry of more firms into a perfectly competitive market due to short-run economic profit will…
5. Establishing this market control at the price where MC equals D will eliminate deadweight loss in a monopoly market.
6. The part of total surplus captured by buyers whose willingness to pay exceeds the price they actually pay.
8. Workers’ desire for more of this will decrease the market supply curve in the labor market.
12. A market in which one firm can produce the entire market output at a lower average total cost than multiple firms could.
13. The reason that a constant-cost market in perfect competition will have a long-run supply curve that is perfectly elastic.
15. The demand curve represents to society (given the existence of NO externalities).
16. The entry of more firms into a monopolistically competitive market due to short-run economic profit will…
18. What firms do in the short run when total revenue at the profit-maximizing quantity fails to cover total variable costs.
19. A factor of production that is non-rival and does not suffer from scarcity.
22. A numerical measure of income inequality.