Economics Vocab

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Across
  1. 4. MPL/Wage = MPK/Rent
  2. 6. The explicit or implicit cost of using a unit of an asset for a given period of time.
  3. 7. The payment to a factor of production in excess of the minimum payment necessary to employ that factor
Down
  1. 1. The additional cost of employing an additional unit of a factor of production called
  2. 2. Organizations of workers that try to raise wages and improve working conditions for their members by bargaining collectively
  3. 3. The extra revenue earned by hiring an extra worker
  4. 4. Wage differences that reflect the fact that some jobs are less pleasant or more dangerous than others
  5. 5. Wages that exceed the market equilibrium wage rate