Across
- 2. the curve that represents the quantity supplied in relation to the price.
- 5. the positive relationship that exists between price and the quantity supplied.
- 6. A market structure with many buyers and sellers who compete to ensure that no consumer or producer has the power to dictate the market.
- 9. goods that satisfy similar needs.
- 10. the benefit that consumers receive from selling goods at a price higher than what they are willing to sell.
- 12. The satisfaction that comes from consuming something.
- 13. A process where rivals compete to achieve some objectives.
- 15. the sum of all individual demands for a good
- 16. when quantity demanded is equal to the quantity supplied
- 24. the period during which at least one input is fixed and cannot be changed by the firm.
- 25. Consumer's real income increases because of a fall in price
- 27. A payment made to the firm by the government
- 29. the variables other than price that influence the supply and demand.
- 31. when the quantity demanded is less than the quantity supplied.
- 33. When the quantity of goods mostly wanted by society are produced
- 35. the extra cost of producing an extra unit.
- 36. prices communicate information to decision makers
- 37. An arrangement where buyers and sellers of goods, services or resources are linked together to make an exchange.
- 38. prices motivate decision makers.
- 39. when the quantity demanded is greater than the quantity supplied.
- 41. The additional benefit derived from one buying an additional unit of something
- 42. When markets fail to achieve allocative efficiency and social surplus is reduced.
- 43. As consumption of a good increases the marginal utility decreases
- 45. price determined by the forces of supply and demand in competitive markets are known as?
- 46. with the addition of a variable input to a fixed input such as land the marginal product initially increases but then it decreases.
Down
- 1. the extra output produced by one additional unit of a variable input like labor.
- 3. the price at equilibrium
- 4. is the amount of social surplus.
- 5. The period when all inputs can be changed
- 7. defined as a state of balance
- 8. the quantity at equilibrium
- 11. the sum of consumer and producer surplus.
- 14. The quantity supplied at different price points.
- 17. the difference between the highest amount consumers is willing to pay and what they are actually payed
- 18. Goods that tend to be used together.
- 19. the production of goods that are derived from a single product.
- 20. quantity demanded is equal to the quantity supplied and there is no tendency for the price to change
- 21. total quantity of output produced by firm
- 22. the curve that illustrates the relationship between quantity demanded and price.
- 23. the negative relationship between the price of a good and the quantity demanded.
- 26. If the price of a good falls the consumer buys more of the now cheaper goods.
- 28. all costs of production incurred by a firm
- 30. goods that compete for the use of the same resources.
- 32. Goods whose demand decreases in response to an increase in consumer income.
- 34. Goods whose demand increases with an increase in consumer income.
- 40. the sum of all individual supplies for a good.
- 44. the consumer's desire and ability to purchase a good and service. Additionally, it shows the various quantities of a good a consumer is willing and able to buy at different price points.