Across
- 2. the combinations of two goods that can be purchased with given income and given prices.
- 8. where a firm grows by producing backwards or forwards in its supply chain.
- 9. restrictions that prevent new firms entering an industry.
- 10. where with falling long-run average costs, it makes sense to have only one firm providing the good or service.
- 12. influencing choice by 'nudging' individuals towards making more effective decisions.
- 13. a market where entry is free and exit is costless.
- 14. a type of inferior good where the quantity demanded falls as price falls and the quantity demanded increases as price increases.
- 15. where it is impossible to make someone better off without making someone else worse off.
Down
- 1. where, following a price change, a consumer will substitute the cheaper good for the one that is now relatively more expensive.
- 3. the satisfaction received from consumption.
- 4. where an individual or a family are better off on means-tested benefits rather than working.
- 5. the addition to total cost when making one extra unit of output.
- 6. a formal agreement between firms to limit competition by limiting output or fixing prices.
- 7. an organisation of workers that aims to protect and enhance the well-being of its members through collective negotiations with employers and government.
- 11. a cost of production that is just sufficient for a firm to keep operating in a particular industry.