Checklist 8

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Across
  1. 3. Too much of a product at a price, occurs when the price is set too high
  2. 5. how much the quantity responds to price
  3. 7. as the price of a good/service increases, the quantity supplied increases
  4. 10. The manufacture of large quantities of a good
  5. 11. The efficency with which goods and services are produced
  6. 14. The most popular and prevalent form of non-price competition
  7. 16. total output or sales needed to cover costs
  8. 17. Voluntary exchange of goods and services between buyers and sellers
  9. 18. A fee on the production of a good or service
  10. 20. lowest price for good or service
Down
  1. 1. The process of transforming land, labor and capital into goods and services
  2. 2. willingness and ability to offer a good or service for sale
  3. 4. willingness and ability to purchase a good or service
  4. 6. A factor affecting the demand for a good or service
  5. 8. A government payment that helps a producer supply a product or service
  6. 9. as price for a good/service increases, the quantity demanded decreases
  7. 12. price where the quantity supplied is equal to the quantity demanded
  8. 13. unprocessed natural products used in production
  9. 15. the state or quality of being efficient
  10. 19. highest price for good or service