Across
- 1. Also known as a noncooperative equilibrium, is the result when each player in a game chooses the action that maximizes his or her payoff, given the actions of other players.
- 3. When they cooperate to raise their joint profits
- 6. total revenue minus the explicit cost and depreciation
- 8. When long-run average total cost declines as output increases
- 9. Individuals have no incentive to pay for their own consumption and instead will consumer without payments.
- 11. when resources are deployed to produce just the right amount of each product to satisfy society's wants
Down
- 2. A labor market in which there is only one firm hiring labor（wage-maker）
- 3. diagram that shows how households and firms are related by the exchange of resources and products
- 4. Price is lower than minimum average variable cost
- 5. It is a benefit that an individual or firm confers on others without receiving compensation.
- 7. It is an economic profit just high enough to keep a firm engaged in its current activity
- 10. How sensitive consumers and producers are to changes in price