micro

2. A group of firms action in unison
5. When the outcome of each firm depends on the firms actions of the other firms in the market
6. Total revenue minus total explicit cost
8. A number that summarizes a country’s level of income distribution based on the Lorenz Curve
9. Total cost divided by the quantity of the output
12. The limited nature of society’s resources
14. A situation in which the market price has reached the level at which quantity supplied equals quantity demanded
18. A situation in which quantity supplied is greater than quantity demanded
21. The impact of one person’s actions on the well-being of a bystander
23. An agreement among firms in a market about quantities to produce or prices to charge
24. and negative

1. Total revenue minus total cost
3. A graph of the relationship between the price of a good and the quantity demanded
4. Efforts by the government to prevent oligopolistic industries from behaving like monopolies
7. Market structure in which only a few sellers offer similar or identical products
10. amount of firms with shared market power
11. The study of how people behave in strategic situations
13. A person who receives the benefit of a good buy avoids paying for it
15. Input costs that do not require an outlay of money by the firm
16. A / A+B
17. involved in oligopolies
19. A situation in which quantity demanded is greater than quantity supplied
20. A legal minimum on the price at which a good can be sold
22. A measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants
25. when above the equilibrium point