Micro economics

2. conditions that make it difficult to enter a market
5. The amount of a good or service available
6. the amount a producer sets the price of a good
7. A market structure where there is only a single firm
11. A market condition where the quantity demanded is more than what is supplied
12. The study of a household, business firm, or any other economic agent's behavior
14. an economic condition where the quantity available is higher than the quantity demanded
17. What you give up for something else
18. revenue minus the cost
20. a type of good where quantity demanded increases when consumer income increases

1. a situation where a producer uses all available resources to produce a single well in order to trade for another desired good
3. a condition in the market where there is no change
4. a type of good where the quantity demanded decreases when consumer income increases
7. a place or institution where consumers and producers come together to exchange goods or currency
8. someone who buys a good or service
9. The curve is downward sloping and is the willingness to pay for a good or service
10. factors of production and materials necessary
13. A market structure where there are only a few firms that control the market
15. The amount of satisfaction gained from buying a good or service
16. the total cost divided by the level of output
19. The contest between organizations to provide similar products or services to the same consumers