Across
- 7. The additional cost a firm pays by hiring an additional worker/resource
- 9. The extra revenue the firm gets from hiring an additional unit of a factor of production
- 12. Additional resources
- 15. Firms that accept the wage set
- 16. A market where productive resources are bought and sold
- 18. The additional output produced by one more unit of input
- 20. Government regulations and Improvement in education
- 21. A strong factor in an outcome
- 23. A firm's goal of producing a specific quantity of output at minimum cost
- 24. A firm that can set the wages for workers due to no competition. Possible in a monopsony.
- 25. A situation in which a market left on its own fails to allocate resources efficiently
Down
- 1. Number of consumers and price of a related good
- 2. Free time not taken up with work.
- 3. Refers to the changes in the prices that a firm can demand for its goods and services
- 4. Market with only one buyer
- 5. A standard amount of pay given for work performed
- 6. The process of obtaining the greatest level of overall satisfaction or happiness from consuming goods and services
- 8. A model that shows the flow of goods and services and the interaction among households, businesses, and banks
- 10. A market where goods and service are bought and sold
- 11. The marginal product of an input times the price of the output
- 13. The demand for business products derives from the demand for final consumer products
- 14. Increasing at a decreasing rate
- 17. The value of a particular product compared to the amount of labor needed to make it.
- 19. A single buyer in a market
- 22. The supply and demand for labor