Economics

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Across
  1. 1. Ex: agriculture (to prevent famine)
  2. 5. temptation to break the law by selling below the legal price
  3. 8. elastic when the price if elasticity of demand is infinite
  4. 11. controls creates inefficiencies and encourages illegal activity j
Down
  1. 2. high quality sellers offer high-quality goods at a high price
  2. 3. consumer surplus net gain to an individual buyer from the purchase of a good
  3. 4. elasticity if demand % change in quantity demanded / % change in price
  4. 6. method Q2-Q1/(Q2+Q1)/2 X 100/ P2-P1/ (P2+P1)/2X100
  5. 7. activity quantity controls create inefficiencies and encourage _______ ________
  6. 9. rent earning that accrue to the license-holder from ownership of the right to sell the good
  7. 10. elasticity if demand percent change in the quantity of a good demanded when a consumers income changes divided by the perfect change in the consumers income