Micro Final Exam 1B

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Across
  1. 3. Unrecoverable costs that have been incurred as a result of past decisions.
  2. 4. Refers to the burden of taxation on the party who pays the tax through higher prices, regardless of whom the tax is actually levied on.
  3. 6. Is the study of how individuals and societies allocated their resources to satisfy their nearly unlimited wants.
  4. 7. _______ Cost- Cost change with the rate of output.
  5. 12. A form of market structure that exists when a small number of firms sell a differentiated product in a market with high barriers to entry.
  6. 13. ______ Antitrust Act- The first federal law to place limits on cartels and monopolies.
  7. 14. Is a model that illustrated the combination of outputs that a society can produce if all of its resources are being used efficiently.
  8. 17. ________ of Demand
  9. 18. Illegal markets that arise when price controls are in place.
  10. 19. _______ Profit, Calculated by subtracting the explicit costs from total revenue.
  11. 22. _______ Competition - A type of market structure characterized by low barriers to entry, many different firms, and product differentiation.
  12. 25. Is the limiting of one's work to a particular area.
  13. 30. __________ Monopoly- When a single large firm has lower costs than any potential smaller competitor.
  14. 33. A situation in which there is only one buyer.
  15. 36. Refers to the limited nature of society's resources, given society's unlimited wants and needs.
  16. 39. _______ Cost- Cost that do not vary with output in the short run.
  17. 41. a measure of the responsiveness of buyers and sellers to changes in price or income.
  18. 42. The costs or benefits of a market activity that affect a third party.
  19. 44. ________ Hand
  20. 45. _______ Good- Both excludable and rival in consumption.
  21. 46. The difference between the price the firm charges and the marginal cost of production.
  22. 47. __________ Economics- Is the branch of economics that studies how the allocation of resources affects economic well-being.
  23. 48. Occurs at the point where the demand curve and the supply curve intersect.
  24. 49. Are factors that motivate a person to act or exert effort.
Down
  1. 1. Price _______- When a firm sells the same good or service at different prices to different groups of customers.
  2. 2. A personal unit of satisfaction used to measure the enjoyment from consumption of a good or service.
  3. 5. __________ loss- Is the decrease in economic activity caused by market distortions.
  4. 8. _______ ______ Disrimination- When a firm sells the same good or service at a unique price to every customer.
  5. 9. Occurs whenever the Qs is less than the Qd.
  6. 10. __________ to Sell- Is the minimum price a seller will accept to sell a good or service.
  7. 11. An industry consisting of only two firms
  8. 15. The percentage of the population whose income is below the poverty threshold.
  9. 16. The product the firm creates.
  10. 20. ______-______ Problem- When those not directly involved in a market activity experience negative or positive externalities.
  11. 21. ________ Economics- The field of economics that draws on insights from experimental psychology to explore how people make economic decisions.
  12. 22. The lowest hourly wage rate that firms may legally pay their workers.
  13. 23. Marginal ______- The increase in cost that occurs from producing one additional unit of output.
  14. 24. Some control over the price it charges.
  15. 26. ______Paribus: Means "all else equal".
  16. 27. Is a payment made by the government to encourage the consumption or production of a good or service.
  17. 28. _________ Good, Is purchased out of necessity rather than choice.
  18. 29. _______ Production,The change in output associated with one additional unit of an input.
  19. 31. No control over the price set by the market.
  20. 32. Product ______ - The process firms use to make a product more attractive to potential customers.
  21. 34. When total revenue is higher than total cost.
  22. 35. ______ ________ fallacy- The belief that random sequences exhibit a positive correlation (relationship).
  23. 37. Help produce other valuable goods and services in the future.
  24. 38. A branch of mathematics that economists use to analyze the strategic behavior of decision-makers.
  25. 40. Total _______- the amount a firm receives from the sale of goods and services.
  26. 43. Is the study of the individual units that make up the economy.