Across
- 3. situation in which quantity supplied is greater than quantity demanded
- 5. a market that runs most efficiently when one large firm supplies all of the output
- 6. situation where a good or service is unavailable
- 10. a product that is the same no matter what who produces it
- 13. a monopoly created by the government
- 14. the ability of a company to change prices and output like a monopolist
- 17. a system of allocating scarce goods
- 18. when quantity demanded is more than quantity supplied
- 19. a market structure in which a large number of firms all produce the same product
- 20. a market structure that does not meet the conditions of perfect competition
Down
- 1. the expenses a firm must pay before it can begin to produce and sell goods
- 2. the point at which quantity demanded and quantity supplied are equal
- 4. a sudden shortage of a good
- 7. a license that gives the inventor of a new product the exclusive right to sell it for a certain period of time
- 8. the right to sell a good/service within an exclusive market
- 9. market dominated by a single seller
- 11. a minimum price that an employer can pay a worker for an hour of labor
- 12. the financial and opportunity costs consumers pay when searching for good/service
- 15. a market in which goods are sold illegally
- 16. describes any price or quantity not at equilibrium