Micro Final Exam, Puzz 1-A

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Across
  1. 3. _______ Cost- Cost change with the rate of output.
  2. 5. A form of market structure that exists when a small number of firms sell a differentiated product in a market with high barriers to entry.
  3. 6. __________ Economics- Is the branch of economics that studies how the allocation of resources affects economic well-being.
  4. 7. An industry consisting of only two firms
  5. 11. A phrase coined by Adam Smith to refer to the unobservable market forces that guide resources to their highest values use.
  6. 12. Means "all else equal".
  7. 17. Is a model that illustrated the combination of outputs that a society can produce if all of its resources are being used efficiently.
  8. 18. Is the limiting of one's work to a particular area.
  9. 19. _________ Good,Is purchased out of necessity rather than choice.
  10. 21. A branch of mathematics that economists use to analyze the strategic behavior of decision-makers.
  11. 26. Occurs at the point where the demand curve and the supply curve intersect.
  12. 28. Is the study of how individuals and societies allocated their resources to satisfy their nearly unlimited wants.
  13. 29. Price _______- When a firm sells the same good or service at different prices to different groups of customers.
  14. 31. _______ Profit, Calculated by subtracting the explicit costs from total revenue.
  15. 33. _______ Production,The change in output associated with one additional unit of an input.
  16. 36. a measure of the responsiveness of buyers and sellers to changes in price or income.
  17. 38. The percentage of the population whose income is below the poverty threshold.
  18. 39. Refers to the limited nature of society's resources, given society's unlimited wants and needs.
  19. 41. Occurs whenever the Qs is less than the Qd.
  20. 42. Are factors that motivate a person to act or exert effort.
  21. 43. The product the firm creates.
  22. 45. A personal unit of satisfaction used to measure the enjoyment from consumption of a good or service.
  23. 46. _______ Cost- Cost that do not vary with output in the short run. Fixed costs are also known as overhead.
  24. 47. ________ Economics - The field of economics that draws on insights from experimental psychology to explore how people make economic decisions.
  25. 48. Marginal ______- The increase in cost that occurs from producing one additional unit of output.
Down
  1. 1. Refers to the burden of taxation on the party who pays the tax through higher prices, regardless of whom the tax is actually levied on.
  2. 2. Is the study of the individual units that make up the economy.
  3. 4. __________ loss- Is the decrease in economic activity caused by market distortions.
  4. 8. ______ Antitrust Act- The first federal law to place limits on cartels and monopolies.
  5. 9. A situation in which there is only one buyer.
  6. 10. Product ______ - The process firms use to make a product more attractive to potential customers.
  7. 13. Illegal markets that arise when price controls are in place.
  8. 14. _______ Competition - A type of market structure characterized by low barriers to entry, many different firms, and product differentiation.
  9. 15. All things being equal, quantity demanded falls when the price rises and rises when the price falls.
  10. 16. _______ Good- Both excludable and rival in consumption.
  11. 17. Some control over the price it charges.
  12. 20. Total _______- the amount a firm receives from the sale of goods and services.
  13. 22. __________ to Sell- Is the minimum price a seller will accept to sell a good or service.
  14. 23. __________ Monopoly- When a single large firm has lower costs than any potential smaller competitor.
  15. 24. The lowest hourly wage rate that firms may legally pay their workers.
  16. 25. ______-______ Problem- When those not directly involved in a market activity experience negative or positive externalities.
  17. 27. The difference between the price the firm charges and the marginal cost of production.
  18. 30. Is a payment made by the government to encourage the consumption or production of a good or service.
  19. 32. ________ fallacy- The belief that recent outcomes are unlikely to be repeated and that outcomes that have not occurred recently are due to happen soon.
  20. 34. _______ ______ Disrimination- When a firm sells the same good or service at a unique price to every customer.
  21. 35. The costs or benefits of a market activity that affect a third party.
  22. 37. When total revenue is higher than total cost.
  23. 38. No control over the price set by the market.
  24. 40. ________ Goods- Help produce other valuable goods and services in the future.
  25. 44. Unrecoverable costs that have been incurred as a result of past decisions.