Across
- 2. Table mapping values of prices to quantities supplied
- 5. Curve that represents prices against quantities supplied
- 7. ex. dollar store goods, used textbooks
- 10. the difference between the price at which firms will sell their product and the market price
- 11. Sets a minimum price
- 14. the price represents the opportunity cost of a good's production
- 15. How much of a good firms supply at a given price
- 17. ex. computers, calculators, yachts
- 19. Occur when competitive markets fail to produce socially desirable outcomes
- 21. Tax on imports
- 22. Make consumers pay more than what producers receive
- 23. the difference between how much consumers will pay and market price
Down
- 1. (production possibilities frontier) represents all combinations of output that are feasible
- 3. Costs or benefits associated with a decision not factored into the decision-making process
- 4. Ease of preventing someone from using a good
- 6. Sets a maximum legal price on a good
- 8. What the firm earns from selling its goods
- 9. Protection for creators of artistic media
- 10. Refers to how much the quantity demanded or supplied changes in response to changes in the good's price
- 12. How much one person's use of a good prevents another person from using it
- 13. Occurs when buyers and sellers agree on a price
- 16. Rights awarded to inventors so that no one else can copy their inventions for a period of time
- 18. Occur when producers and consumers exchange a certain good or service voluntarily
- 20. The overall relationship given by the law of supply