Across
- 5. Cost The additional cost incurred from producing one more unit of output. (8,4)
- 6. of Demand The law stating that as price rises, quantity demanded falls, all else equal. (6,2,6)
- 8. competition A market structure with many sellers offering differentiated products. (12,11)
- 10. The measure of responsiveness of quantity demanded to a change in price.(10)
Down
- 1. The point at which quantity demanded equals quantity supplied, leaving no surplus or shortage.(11)
- 2. A market structure with a few large sellers who are interdependent. (8)
- 3. A market structure with a single seller, no close substitutes, and high barriers to entry.(8)
- 4. The fundamental economic problem of unlimited wants with limited resources. (8)
- 7. The total revenue minus total cost of a firm. (6)
- 9. Cost The cost that does not vary with the level of output in the short run. (5.4)