Across
- 5. Supply, quantity supplied is more than quantity demanded
- 6. quantity demanded is greater than quantity supplied (aka excess demand)
- 8. Ceiling, maximum price that can be legally charged for a good or service
- 10. point at which quantity demanded and quantity supplied are equal
- 13. Floor, minimum price that can be legally charged for a good or service
- 14. Monopoly, a market that runs most efficiently when one large firm supplies all of the output
- 15. Power, ability of a company to change prices and output like a monopolist
- 16. a market dominated by a single seller
- 18. Wage, minimum price a employer can pay a worker for an hour of labor
- 19. product that is the same no matter who produces it
Down
- 1. Demand, quantity demanded is more than quantity supplied
- 2. quantity supplied is not equal to quantity demanded
- 3. Competition, market structure in which a large number of firms all produce same product
- 4. to Entry, factors that make it difficult for a new firm to enter a market
- 6. quantity supplied is greater than quantity demanded (aka excess supply)
- 7. Monopoly, monopoly created by the government
- 9. Discrimination, division of customers into groups based on how much they will pay for a good
- 11. Control, price ceiling placed on rent
- 12. right to sell a good or service within an exclusive market
- 17. Shock, a sudden shortage of a good