Across
- 1. demand Law that states as price goes up quantity demanded decreases (3 words)
- 5. An excess amount of the good supplied
- 6. The type of good if your income goes up you buy more of it (2 goods)
- 9. makes choices challenging everything is finite and runs out, leads to individual choice
- 10. a good that is non-excludable and non-rival in consumption (2 words)
- 13. demand at a specific price (2 words)
- 15. Efficiency where P=MC
- 16. government imposed max goods you can supply
- 17. Inputs that can be changed in the short run (2 words)
- 18. a tax that does not have an affect the quantity produced or supply of the good (3 words)
- 19. A firms maximum potential level of production (2 words)
Down
- 2. the problem that is caused by having no incentive to pay for a good because you'll still get the benefit (3 words)
- 3. A good you must pay for
- 4. consumption two people can not use the good at the same time (3 words)
- 7. a market that wants less workers and will have a lower wage rate than those of a perfectly competitive labor market
- 8. An example of this externality is smoking a cigarette (2 words)
- 11. The period of time in which there are fixed inputs (2 words)
- 12. The type of market where there is one producer of the good and there are no close substitutes
- 14. study of scarcity and choice
- 20. Where the demand for factors if based on demand for the product (2 words)