Across
- 7. the static quantity of a good or service when its price changes.
- 8. the amount of some good or service consumers are willing and able to purchase at each price.
- 9. describes to the incremental satisfaction received from consuming a good or service.
- 11. the focus on the cost or benefit of the next unit or individual
- 13. can be influenced by five basic factors: product features, the number of sellers, barriers to entry, information availability, and location.
- 16. when an increase in input results in a proportional increase in output.
- 18. payments that are actually made.
- 21. happens when the price consumers pay for a product or service is less than the price they're willing to pay
- 22. a situation in which economic forces such as supply and demand are balanced
Down
- 1. the income that a firm receives from the sale of a good or service to its customers
- 2. a condition where the quantity demanded is greater than the quantity supplied at the market price
- 3. he decrease in marginal output of a production process as the amount of a single factor of production is incrementally increased
- 4. nothing is gained if any of the players change their strategy if all other players maintain their strategy.
- 5. expenditures that do not change regardless of the level of production, at least not in the short term
- 6. as the process (or processes) a firm uses to transform inputs
- 10. those patterns or elements that can be used to describe the behavior of a person or an individual economic unit, like a business.
- 12. any resources used to create goods and services.
- 14. the short run or long run process by which a firm may determine the price, input and output levels that lead to the highest profit.
- 15. an economic measure of how sensitive an economic factor is to another
- 16. The short run is a period of time in which the quantity of at least one input is fixed and the quantities of the other inputs can be varied
- 17. describes the total amount of a specific good or service that is available to consumers
- 19. the monetary value of goods and services that producers and consumers purchase
- 20. the difference between the revenue received from the sale of an output and the costs of all inputs used, as well as any opportunity costs
