Microeconomics Vocabulary

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Across
  1. 3. one firm controls a market
  2. 5. business with one owner who has unlimited liability for the business
  3. 6. where a price floor appears in relation to equilibrium price
  4. 7. this law says that as price goes up, quantity also goes up
  5. 9. business with 2 or more owners who have unlimited liability for the business
  6. 12. what is exchanged in the circular flow model for resources or goods and services
  7. 13. people who buy goods/services
  8. 15. type of competition where many sellers sell similar products
  9. 19. business or firm that produces goods/services
  10. 20. direction curve shifts if there is an increase in supply or demand
Down
  1. 1. business owned by shareholders which vote on a board to run the firm
  2. 2. this law says that as price goes up, quantity goes down
  3. 4. market where productive resources are exchanged
  4. 8. market where goods and services are exchanged
  5. 10. where a price ceiling appears in relation to equilibrium
  6. 11. price ___ - highest price that can be legally given
  7. 14. a few firms control a market
  8. 16. types of competition where many sellers sell identical products
  9. 17. price ___ - lowest price that can be legally given
  10. 18. direction curve shifts if there is a decrease in supply or demand