Economics
Across
- 3. The change in total cost when one unit of output is produced
- 4. If demand is _______ total revenue is constant
- 7. Represents the choice making behavior of sellers
- 8. The father of modern economics and wrote Wealth of Nations
- 9. The opportunity costs of using resources owned by the firm
- 11. When the % change in quantity demanded is greater than the % change in price
- 15. Payments to nonowners of a firm for their resources
- 16. The responsiveness, or sensitivity, to a change in price
- 19. A period of time so short that there is at least one fixed input
- 21. meaning "all else remains the same"
- 22. Something that happens when competition is lacking
- 23. Inverse relationship b/w price & quantity means they move in _____ direction
Down
- 1. If demand is _____ total revenue decreases
- 2. The minimum profit necessary to keep a firm in operation
- 5. externality that is detrimental to third parties
- 6. Summation of the individual demand schedules in a market
- 10. Externality that is beneficial to third parties
- 12. Total revenue minus total explicit costs
- 13. Price where the quantity demanded and the quantity supplied are equal
- 14. If demand is ______ total revenue increases
- 16. legally established maximum price a seller can charge
- 17. The % change in the quantity demanded is less than the % change in price
- 18. represents the choice making behavior of buyers
- 20. A legally established minimum price a seller can be paid