Eco CW

1. the total revenue minus the total cost, including both explicit and implicit costs.
7. a legal minimum price that must be paid for a good or service.
9. the point where the quantity demanded equals the quantity supplied.
11. the difference between the highest price a consumer is willing to pay and the actual price paid.
12. a legal maximum price that can be charged for a good or service.
13. goods that are used together, where an increase in the price of one decreases the demand for the other.
15. the difference between the lowest price a producer is willing to accept and the price actually received.
16. a cost that does not change with the level of output.
17. the total amount of money received by a firm from the sale of its goods or services.
19. the responsiveness of quantity demanded to a change in price.
20. the additional satisfaction gained from consuming one more unit of a good.

2. is a market structure characterized by many firms selling similar but not identical products.
3. the amount of a good that producers are willing and able to sell at a given price.
4. a cost that varies with the level of output.
5. the cost of forgoing the next best alternative when making a decision.
6. a market structure with a single seller and no close substitutes for the product.
8. the total cost divided by the quantity produced.
10. the benefit to a firm from selling one more unit of a good.
14. the amount of a good that consumers are willing and able to purchase at a given price.
18. the concept that the cost of producing one more unit of a good increases as more of the good is produced.