Econ Chapter 6-7

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Across
  1. 4. minimum price for a good or service
  2. 7. dividing up goods and services using criteria other than price
  3. 8. the financial and opportunity costs consumers pay in searching for a good or service
  4. 11. the expenses that a new business must pay before the first product reaches the customer
  5. 14. quantity demanded is more than quantity supplied
  6. 15. demand and supply come together
  7. 16. the ability to control prices and total market output
  8. 18. a market that runs most efficiently when one large firm provides all of the output
  9. 20. contract issued by a local authority that gives a single firm the right to sell its goods within an exclusive market
  10. 22. allow consumers to pay more
  11. 23. characteristics that cause a producers average cost to drop as production rises
  12. 25. sudden shortage of goods
Down
  1. 1. factors that make it difficult for new firms to enter a market
  2. 2. prevent inflation during housing crisis in the early 1940s
  3. 3. a product that is considered the same regardless of who makes or sells it
  4. 5. the quantity demanded is greater than the quantity supplied
  5. 6. maximum price
  6. 9. market price or quantity supplied is anywhere but at the equilibrium
  7. 10. a minimum price that an employer can pay a worker for an hour of labor
  8. 12. externalities
  9. 13. gives a company exclusive rights to sell s new good or service for a specific period of time
  10. 17. monopoly created by the government
  11. 19. grants firms the right to operate a business
  12. 21. when barriers prevent firms from entering a market that has a single supplier
  13. 24. when quantity supplied exceeds quantity demanded at the given price