MicroEconomics

1. a market that wants less workers and will have a lower wage rate than those of a perfectly competitive labor market
4. A firms maximum potential level of production (2 words)
5. Efficiency where P=MC
6. The type of market where there is one producer of the good and there are no close substitutes
7. a tax that does not have an affect the quantity produced or supply of the good (3 words)Nonrival in consumption two people can not use the good at the same time (3 words)
11. the problem that is caused by having no incentive to pay for a good because you'll still get the benefit (3 words)
13. demand at a specific price (2 words)
15. makes choices challenging everything is finite and runs out, leads to individual choice
18. A good you must pay for
19. The period of time in which there are fixed inputs (2 words)

2. An example of this externality is smoking a cigarette (2 words)
3. An excess amount of the good supplied
8. Inputs that can be changed in the short run (2 words)
9. government imposed max goods you can supply
10. a good that is non-excludable and non-rival in consumption (2 words)
12. study of scarcity and choice
14. Where the demand for factors if based on demand for the product (2 words)
16. The type of good if your income goes up you buy more of it (2 goods)
17. demand Law that states as price goes up quantity demanded decreases (3 words)