Across
- 3. market structure characterized by few firms
- 4. chapter that introduces economic principles and concepts
- 6. when quantity supplied is greater than quantity demanded
- 11. total revenue minus total cost
- 12. the thing that makes you work harder to get it
- 13. way of allocating scarce goods and services when market demand exceeds available supply
- 14. system where prices are determined by supply and demand
- 15. measure of responsiveness of quantity demanded to a change in price
Down
- 1. study of how individuals and firms make optimal decisions
- 2. market structure with one seller and many buyers
- 5. price at which quantity demanded equals quantity supplied
- 7. when quantity demanded is greater than quantity supplied
- 8. term describing the additional benefit received from consuming one more unit
- 9. basic economic problem every society faces
- 10. concept of consumer satisfaction derived from consuming goods