EFM Paper 2

12345678910111213141516171819
Across
  1. 3. Input cost that require an outlay of money by the firm are the _____ costs.
  2. 5. The _______ trade-off plays a key role in the analysis of the business cycle.
  3. 6. The marginal cost curve crosses the average cost curve at its ______.
  4. 8. The Low inflation of recent experience was associated with slow growth in the quantity of _____.
  5. 10. At any quantity, the price given by the supply curve shows the cost of the_______.
  6. 13. A market structure in which only a few sellers offer similar or identical products.
  7. 14. For a _______ firm : P > MR = MC.
  8. 15. The production possibilities frontier shows the trade-off between the ______ of different goods at a given time.
  9. 16. Broadly defines markets have ____ elastic demand than narrowly defined markets.
  10. 17. The price falls, so P is lower which tends to decrease total revenue, is the ______ effect.
  11. 18. Markets do not allocate resources efficiently in the presence of market _______.
  12. 19. A type of ______ competitive market is called monopolistic competition.
Down
  1. 1. Total Revenue - Total Cost = ________.
  2. 2. In market economies, ______ are the mechanism for rationing scarce resources.
  3. 4. The difference between the willingness to pay and the market price is ________.
  4. 7. At then profit maximizing level of output, MR and MC are exactly _____.
  5. 9. A _____ Strategy is the strategy that is best for a player in a game regardless of the strategies chosen by the other players.
  6. 11. The ______ the demand curve, the greater the price elasticity of demand.
  7. 12. ________ is a measure of how much buyers and sellers respond to changes in market conditions.
  8. 17. ________ = (P - ATC) x Q