ocr micro economics

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Across
  1. 2. Maximum legal price
  2. 4. Responsiveness of demand to price changes
  3. 8. Where demand equals supply
  4. 10. Market dominated by a few large firms
  5. 13. Harmful effect on others
  6. 14. Difference between willingness to pay and price
  7. 16. Market with many firms and identical products
  8. 18. Income from selling goods and services
  9. 19. Quantity producers are willing and able to sell
  10. 21. Lowest legal wage employers can pay
  11. 22. Single seller dominating the market
  12. 28. Obstacles preventing firms entering a market
  13. 29. Responsiveness of demand to income changes
  14. 32. Allocation of resources is inefficient
  15. 33. Cost of producing one extra unit
  16. 35. Costs that do not change with output
  17. 38. Goods used together
  18. 41. Output per unit of input
  19. 42. Expenses incurred in production
  20. 44. Revenue from selling one extra unit
  21. 45. Price equals marginal cost
  22. 46. Goods that can replace each other
  23. 48. Demand rises as income increases
  24. 49. Profit above normal levels
  25. 50. Rising costs due to inefficiencies
  26. 51. Threat of new firms entering a market
Down
  1. 1. Output increases at a decreasing rate
  2. 2. Beneficial effect on others
  3. 3. Demand falls as income increases
  4. 5. Cost advantages from increased output
  5. 6. Limited resources but unlimited wants
  6. 7. Difference between cost and price received
  7. 9. Innovation and improvement over time
  8. 11. Next best alternative foregone
  9. 12. Government payment to reduce costs
  10. 15. Output produced at lowest cost
  11. 17. Tax on goods and services
  12. 20. Revenue minus costs
  13. 23. Underconsumed goods with positive externalities
  14. 24. Overconsed goods with negative externalities
  15. 25. Quantity consumers are willing and able to buy
  16. 26. Non rival and non excludable goods
  17. 27. Person benefiting without paying
  18. 30. Costs that change with output
  19. 31. Many firms with differentiated products
  20. 34. Responsiveness of demand to price of another good
  21. 36. Cost or benefit to third parties
  22. 37. System where prices allocate resources
  23. 39. Minimum legal price
  24. 40. Total cost divided by output
  25. 43. Minimum profit to keep a firm in the market
  26. 47. Measure of responsiveness to price or income change