Economics

3. The change in total cost when one unit of output is produced
4. If demand is _______ total revenue is constant
7. Represents the choice making behavior of sellers
8. The father of modern economics and wrote Wealth of Nations
9. The opportunity costs of using resources owned by the firm
11. When the % change in quantity demanded is greater than the % change in price
15. Payments to nonowners of a firm for their resources
16. The responsiveness, or sensitivity, to a change in price
19. A period of time so short that there is at least one fixed input
21. meaning "all else remains the same"
22. Something that happens when competition is lacking
23. Inverse relationship b/w price & quantity means they move in _____ direction

1. If demand is _____ total revenue decreases
2. The minimum profit necessary to keep a firm in operation
5. externality that is detrimental to third parties
6. Summation of the individual demand schedules in a market
10. Externality that is beneficial to third parties
12. Total revenue minus total explicit costs
13. Price where the quantity demanded and the quantity supplied are equal
14. If demand is ______ total revenue increases
16. legally established maximum price a seller can charge
17. The % change in the quantity demanded is less than the % change in price
18. represents the choice making behavior of buyers
20. A legally established minimum price a seller can be paid