Across
- 5. a measure of how much quantity demanded of one good responds to a change in the price of another good, calculated as the percentage change
- 6. the change in total revenue from an additional unit sold
- 9. a good for which an increase in income raises the quantity demanded
- 11. two goods which an increase in the price of one leads to an increase in the demand for the other
- 13. a legal maximum on the price at which a good can be sold
Down
- 1. the market value of the inputs a firm uses in production
- 2. claims that attempt to prescribe how the world should be
- 3. a firm that is the sole seller of a product without close substitutes
- 4. the price that balances the quantity supplied and the quantity demanded
- 7. total revenue minus total explicit cost
- 8. whatever must be given up to obtain some item
- 10. goods that are neither excludable nor rival in consumption
- 12. the study of how society manages the scarce resources