Microeconomics Crossword

2. Table mapping values of prices to quantities supplied
5. Curve that represents prices against quantities supplied
7. ex. dollar store goods, used textbooks
10. the difference between the price at which firms will sell their product and the market price
11. Sets a minimum price
14. the price represents the opportunity cost of a good's production
15. How much of a good firms supply at a given price
17. ex. computers, calculators, yachts
19. Occur when competitive markets fail to produce socially desirable outcomes
21. Tax on imports
22. Make consumers pay more than what producers receive
23. the difference between how much consumers will pay and market price

1. (production possibilities frontier) represents all combinations of output that are feasible
3. Costs or benefits associated with a decision not factored into the decision-making process
4. Ease of preventing someone from using a good
6. Sets a maximum legal price on a good
8. What the firm earns from selling its goods
9. Protection for creators of artistic media
10. Refers to how much the quantity demanded or supplied changes in response to changes in the good's price
12. How much one person's use of a good prevents another person from using it
13. Occurs when buyers and sellers agree on a price
16. Rights awarded to inventors so that no one else can copy their inventions for a period of time
18. Occur when producers and consumers exchange a certain good or service voluntarily
20. The overall relationship given by the law of supply