Across
- 1. the price rises the quantity a seller is willing and able to pay will increase
- 5. a minimum legal price set above the equilibrium price
- 7. The quantity a seller is willing and able to sell at each price
- 11. the point of intersection between the market demand curve and market supply curve suplus
- 15. market structure characterized by a very large number of buyers and sellers of an identical product
- 16. if a business is unable to meet its financial obligations, the owner of the business is personally responsible to pay those debts
- 18. are firms legally owned by one person
- 19. market structure characterized by a large number of buyers and sellers of products that are similar to one another that can be differentiated by brand, quality, ect.
Down
- 2. are firms legally owned by two or more people
- 3. market structure characterized by only a few sellers of a product who dominate the market
- 4. a maximum legal price set below the equilibrium price
- 6. the price of a good rises, the quantity of the good that consumers are willing and able to buy will decrease
- 8. refers to what happens to a business when an owner leaves or dies
- 9. the responsibility for paying the debts of the business
- 10. responsibility for the debts of the business are restricted to the ownership stake the business owner owns. The personal assets of the shareholder are not in jeopardy.
- 12. The quantity a consumer is willing to purchase at each price
- 13. where there is a larger quantity of a product because the price is set too high
- 14. when price is set too low, there will be a larger quantity demanded than is supplied
- 17. market structure characterized by only one seller of a product dominating the market