Share Focus Mode

Economics

1234567891011121314151617181920212223
Across
  1. 3. The change in total cost when one unit of output is produced
  2. 4. If demand is _______ total revenue is constant
  3. 7. Represents the choice making behavior of sellers
  4. 8. The father of modern economics and wrote Wealth of Nations
  5. 9. The opportunity costs of using resources owned by the firm
  6. 11. When the % change in quantity demanded is greater than the % change in price
  7. 15. Payments to nonowners of a firm for their resources
  8. 16. The responsiveness, or sensitivity, to a change in price
  9. 19. A period of time so short that there is at least one fixed input
  10. 21. meaning "all else remains the same"
  11. 22. Something that happens when competition is lacking
  12. 23. Inverse relationship b/w price & quantity means they move in _____ direction
Down
  1. 1. If demand is _____ total revenue decreases
  2. 2. The minimum profit necessary to keep a firm in operation
  3. 5. externality that is detrimental to third parties
  4. 6. Summation of the individual demand schedules in a market
  5. 10. Externality that is beneficial to third parties
  6. 12. Total revenue minus total explicit costs
  7. 13. Price where the quantity demanded and the quantity supplied are equal
  8. 14. If demand is ______ total revenue increases
  9. 16. legally established maximum price a seller can charge
  10. 17. The % change in the quantity demanded is less than the % change in price
  11. 18. represents the choice making behavior of buyers
  12. 20. A legally established minimum price a seller can be paid