Microeconomics

2. a tax that does not have an affect the quantity produced or supply of the good (3 words)
4. two people can not use the good at the same time (3 words)
6. a good that is non-excludable and non-rival in consumption (2 words)
8. A good you must pay for
11. government imposed max goods you can supply
12. A firms maximum potential level of production (2 words)
13. The type of good if your income goes up you buy more of it (2 goods)
15. a market that wants less workers and will have a lower wage rate than those of a perfectly competitive labor market
16. the problem that is caused by having no incentive to pay for a good because you'll still get the benefit (3 words)
17. Efficiency where P=MC (2 words)
19. An excess amount of the good supplied

1. demand at a specific price (2 words)
3. Inputs that can be changed in the short run (2 words)
5. The type of market where there is one producer of the good and there are no close substitutes
7. Where the demand for factors if based on demand for the product (2 words)
9. makes choices challenging everything is finite and runs out, leads to individual choice
10. An example of this externality is smoking a cigarette (2 words)
14. study of scarcity and choice
18. Law that states as price goes up quantity demanded decreases (3 words)
19. The period of time in which there are fixed inputs (2 words)