AP Micro - Friday Dec 10 - 1

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Across
  1. 7. The additional cost a firm pays by hiring an additional worker/resource
  2. 9. The extra revenue the firm gets from hiring an additional unit of a factor of production
  3. 12. Additional resources
  4. 15. Firms that accept the wage set
  5. 16. A market where productive resources are bought and sold
  6. 18. The additional output produced by one more unit of input
  7. 20. Government regulations and Improvement in education
  8. 21. A strong factor in an outcome
  9. 23. A firm's goal of producing a specific quantity of output at minimum cost
  10. 24. A firm that can set the wages for workers due to no competition. Possible in a monopsony.
  11. 25. A situation in which a market left on its own fails to allocate resources efficiently
Down
  1. 1. Number of consumers and price of a related good
  2. 2. Free time not taken up with work.
  3. 3. Refers to the changes in the prices that a firm can demand for its goods and services
  4. 4. Market with only one buyer
  5. 5. A standard amount of pay given for work performed
  6. 6. The process of obtaining the greatest level of overall satisfaction or happiness from consuming goods and services
  7. 8. A model that shows the flow of goods and services and the interaction among households, businesses, and banks
  8. 10. A market where goods and service are bought and sold
  9. 11. The marginal product of an input times the price of the output
  10. 13. The demand for business products derives from the demand for final consumer products
  11. 14. Increasing at a decreasing rate
  12. 17. The value of a particular product compared to the amount of labor needed to make it.
  13. 19. A single buyer in a market
  14. 22. The supply and demand for labor