Unit 1 Economics

2. The cost per unit of output.
5. The additional cost of producing one more unit of output.
6. A market dominated by one price-making firm.
8. A method of intervention in which the government sets a maximum quantity in a market.
11. An economy of scale gained by spreading the cost of marketing over a large number of units.
12. A good which is non-excludable and non-rivalrous.
13. Removing legal barriers in a market to allow new firms to enter.
14. A cost which is directly linked to output.

1. Allocating workers to individual tasks during production.
3. A price scheme used by the government to make merit goods more affordable.
4. A period of production when at least one factor input is fixed.
7. An economy of scale gained by getting a bulk buying discount on a large materials order.
9. An economy of scale gained by getting a lower interest rate on a large loan.
10. A resource which the firm cannot get more of.