Across
- 1. When one firm hires all labor in a market
- 3. Goods that are both nonrival and nonexcludable
- 4. Tax where the proportion of income paid in taxes rises as income rises
- 7. When quantity demanded exceeds the quantity supplied
- 9. When the government pays for the production of a good
- 10. When quantity supplied exceeds the quantity demanded
- 11. A group with buyers and sellers of a good or service
- 13. Unit of happiness
- 14. A cost or benefit that is imposed onto society by consumption or production of a good
- 17. Goods produced abroad but consumed domestically
- 18. A good with high income elasticity
- 20. Production of goods based on comparative advantage
- 21. One firm, high barriers to entry, differentiated products
Down
- 2. Small number of interdependent firms
- 5. Price where quantity supplied equals the quantity demanded
- 6. Goods that are both rival and excludable
- 7. Basic problem in economics
- 8. Revenue minus costs
- 12. Measures the sensitivity, or responsiveness, of a choice to a change in an external factor
- 15. The price of a good multiplied by the quantity of that good sold
- 16. Goods and services produced domestically but sold abroad
- 19. The next unit, or increment of, an action