How The Market Works

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Across
  1. 1. the quantity buyers are willing and able to buy at a buy at a given price in a given period of time
  2. 4. the point at which supply and demand meet
  3. 5. when more is produced than is required
  4. 10. the government sector of the economy
  5. 12. the quantity demanded changes at a lesser rate than price
  6. 14. the quantity supplied changes at a greater rate than price
  7. 16. where extraction of raw material takes place
  8. 19. the next best alternative forgone when making a choice
  9. 21. a pay floor introduced by the government
  10. 22. a payment given to a firm, usually by the government
  11. 23. a useful mnemonic for demand
Down
  1. 2. a tax placed on a good or service which is a percentage of the price
  2. 3. something essential to survive
  3. 6. the process of combining scarce resources to make an output
  4. 7. where all resources are allocated by private individuals and groups
  5. 8. as a firm grows large, the long-run average costs fall
  6. 9. price x quantity sold
  7. 11. a market situation in which there are a large number of buyers and sellers
  8. 13. this occurs when two firms agree to come together through either a merger or a takeover
  9. 15. goods for which demand falls when income rises
  10. 17. output per worker per period of time
  11. 18. when a firm has more than 25% of the market share
  12. 20. costs that do not vary with output