Across
- 4. Individuals are forced to make choices because resources are
- 5. When price is above the equilibrium (Qs>Qd)
- 7. interdependent firms, price makers, standardized or differentiated products, high barriers to entry
- 11. As price increases, the quantity demanded increases
- 12. The type of economy when all ownership is in the hands of the people
- 13. value of the next best alternative other than what you chose
Down
- 1. the price and quantity of a good are positively related, the higher the price the higher the quantity supply
- 2. A legal maximum on the price that can be charged in the market
- 3. A legal minimum on a price that can be charged in the market
- 4. a financial benefit given by a government to an individual or a business, promotes an increase in supply
- 6. A measure of satisfaction
- 8. When price is below equilibrium (Qd>Qs)
- 9. only one firm in the market, they have all the market power
- 10. The type of economy when the government decides what the economy does