Across
- 3. One of the three types of barriers to entry
- 5. is a good that can be used in place of another good
- 10. is the price at which the quantity demanded equals the quantity supplied
- 14. The price elasticity of demand is less than 1 and the good has
- 16. _________ surplus is the value of a good minus the price paid for it, summed over the quantity bought.
- 19. _______ product is the total output produced in a given period.
- 20. _________ surplus is the price received for a good minus the minimum-supply price (marginal cost), summed over the quantity sold
Down
- 1. We achieve ______ if we cannot produce more of one good without producing less of some other good.
- 2. _______ is a firm that cannot influence the price of a good or service — it must “take” the equilibrium market price.
- 4. Reward that encourages an action or a penalty that discourages one
- 6. of economics that deals with the behavior of individual economic units—consumers, firms, workers, and investors—as well as the markets that these units comprise.
- 7. ________ utility is the change in total utility that results from a one-unit increase in the quantity of a good consumed.
- 8. The benefit or satisfaction from consuming a good or service is called ______.
- 9. _______is an action taken by an informed person or firm to send a message to uninformed people.
- 11. ______ of a good or service is the opportunity cost of producing one more unit of it.
- 12. The ______ elasticity of demand measures how the quantity demanded of a good responds to a change in income, other things remaining the same.
- 13. monopoly is a firm that must sell each unit of its output for the same price to all its customers.
- 15. A firm’s ______ point is the price and quantity at which it is indifferent between producing and shutting down.
- 17. A firm’s ________ is the amount by which its price exceeds its marginal cost
- 18. _______product of labor is equal to total product divided by the quantity of labor employed.