Economics for Engineers

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Across
  1. 5. Cost The additional cost incurred from producing one more unit of output. (8,4)
  2. 6. of Demand The law stating that as price rises, quantity demanded falls, all else equal. (6,2,6)
  3. 8. competition A market structure with many sellers offering differentiated products. (12,11)
  4. 10. The measure of responsiveness of quantity demanded to a change in price.(10)
Down
  1. 1. The point at which quantity demanded equals quantity supplied, leaving no surplus or shortage.(11)
  2. 2. A market structure with a few large sellers who are interdependent. (8)
  3. 3. A market structure with a single seller, no close substitutes, and high barriers to entry.(8)
  4. 4. The fundamental economic problem of unlimited wants with limited resources. (8)
  5. 7. The total revenue minus total cost of a firm. (6)
  6. 9. Cost The cost that does not vary with the level of output in the short run. (5.4)