Microeconomics

3. Each person specializes in the task that they are good at performing
4. A measure of satisfactions
8. When firms cooperate to raise their joint profits.
10. Minimum buyers are required to pay for a good or service
11. Maximum price sellers are allowed to charge for a good or service
13. Time period in which at least one input is fixed (A period of time too short for a firm to alter its plant capacity)

1. Demand is too high. The price is below the equilibrium Qd > Qs
2. Transactions that no longer occur due to something
5. Demand for factors is based on demand for the product
6. A cost that has already been incurred and is nonrecoverable
7. time period in which all inputs can be varied(A period of time long enough for a firm to alter its plant capacity)
9. An economic profit just high enough to keep a firm engaged in its current activity.
12. A group of firms that agree to restrict output in order to increase prices and their joint profits
13. excess goods supplied Qs > Qd, price is above the equilibrium