Micro Economics Crossword

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Across
  1. 4. Individuals are forced to make choices because resources are
  2. 5. When price is above the equilibrium (Qs>Qd)
  3. 7. interdependent firms, price makers, standardized or differentiated products, high barriers to entry
  4. 11. As price increases, the quantity demanded increases
  5. 12. The type of economy when all ownership is in the hands of the people
  6. 13. value of the next best alternative other than what you chose
Down
  1. 1. the price and quantity of a good are positively related, the higher the price the higher the quantity supply
  2. 2. A legal maximum on the price that can be charged in the market
  3. 3. A legal minimum on a price that can be charged in the market
  4. 4. a financial benefit given by a government to an individual or a business, promotes an increase in supply
  5. 6. A measure of satisfaction
  6. 8. When price is below equilibrium (Qd>Qs)
  7. 9. only one firm in the market, they have all the market power
  8. 10. The type of economy when the government decides what the economy does