Across
- 3. agreeing to charge the same or similar prices
- 4. quantity demanded is greater than quantity supplied
- 5. unintended side effect that either benefits or harms a third party not involved in the activity
- 6. real or imagined differences between competing products
- 10. quantity supplied is greater than quantity demanded at a given price
- 11. set of assumptions and/or relationships that can be used to help analyze behavior and predict outcomes
- 13. monetary value of a product
- 15. ticket that entitles the holder to a certain amount of a product
- 16. prices are relatively stable, and quantity supplied is equal to quantity demanded
- 17. maximum legal price that can be charged for a product
- 18. belief that government should not interfere with commerce or trade
- 19. check sent to producers that makes up the difference between the actual market price and the target price
Down
- 1. situation in which average cost of production falls as the firm gets larger
- 2. market situation in which costs are minimized because a single firm produces the product
- 6. theoretical situation in which well-informed, independent buyers and sellers exchange identical products
- 7. legally formed combination of corporations or companies
- 8. unwanted harm, cost, or inconvenience suffered by a third party because of the actions of others
- 9. situation in which average cost of production falls as the firm gets larger
- 12. price that produces neither a surplus nor a shortage
- 14. a socially desirable price determined by factors other than the market