Across
- 3. efficiency, Occurs when MSC = MSB (10,10)
- 6. latin expression meaning 'let other things remain equal' (7,7)
- 7. the word used in economics to measure responsiveness of a variable to a change in a related variable (10)
- 9. A non-rivalrous and no-excludable product that would not be provided in a pure free market (6,4)
- 11. the maximum price that a firm is allowed to charge for a product (5,7)
- 13. Where a market produces at a level of output where MSC is not equal to MSB (6,7)
- 15. A good which is consumed in place of another good (10)
- 16. quantity of a product that consumers are willing and able to buy at a given price in a given time period (6)
Down
- 1. Additional benefit enjoyed by consumers when they obtain a good for a lower price than they are willing to pay for the product (8,7)
- 2. The benefit given up when making a choice (11,4)
- 3. an indirect tax charged as a percentage of the selling price of a product (2,7,3)
- 4. the level of output and corresponding price where demand is equal to supply (11)
- 5. a product whose income elasticity of demand is negative (8,4)
- 8. Tax placed on the expendisture on a good or service (8,3)
- 10. a good which is consumed with another good (10)
- 12. abbreviation for the measure of the responsiveness of demand for one good to a change in the price of a related good (3)
- 14. income earned by a firm (price x quantity) (7)