Taking Micro to a Higher Level
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Taking Micro to a Higher Level
16
ConsumerSurplus: Additional benefit enjoyed by consumers when they obtain a good for a lower price than they were willing to pay for the product (8,7)
Collusion: A formal agreement among firms acting in an oligopoly (6)
FixedCosts: Costs that do not vary with the level of output (5,5)
EconomiesOfScale: A fall in long-run average costs (9,2,5)
ProfitMaximization: MC = MR (6,12)
PriceDiscrimination: The act of selling an identical good to different consumers at different prices (5,14)
AllocativeEfficiency: Occurs when MSC = MSB (10,10)
RevenueMaximization: MR=0 (7,12)
Oligopoly: A market structure characterized by the dominance of a small number of interdependent firms (9)
Revenue: Income earned by a firm (price x quantity) (7)
MarginalCost: The cost of producing an additional unit of output (8,4)
DemandFunction: Qd=a–bP(6,8)
ShortRun: The period of time in which at least one factor of production is fixed (5,3)
Monopoly: A market structure where there is one dominant firm (8)
NormalProfit: The situation where a company covers it explicit and implicit costs (6, 6)
AbnormalProfit: AR>AC (8, 6)
Homogenous: The type of goods firms in a perfectly competitive market produce. (10)
Monopolistic: At market structure where many small firms are producing slightly different goods are produced, allowing for different prices to be offered. (12)
MarginalRevenue: The additional revenue made selling one more unit. (8,7)
ProductiveEfficiency: When a company is producing at it’s lowest cost of production (10, 10)
Taking Micro to a Higher Level
Across:2. | The additional revenue made selling one more unit. (8,7) | 4. | A fall in long-run average costs (9,2,5) | 8. | Income earned by a firm (price x quantity) (7) | 9. | Costs that do not vary with the level of output (5,5) |
| 10. | Additional benefit enjoyed by consumers when they obtain a good for a lower price than they were willing to pay for the product (8,7) | 12. | MR=0 (7,12) | 15. | The situation where a company covers it explicit and implicit costs (6, 6) | 16. | Occurs when MSC = MSB (10,10) |
| | Down:1. | MC = MR (6,12) | 3. | The type of goods firms in a perfectly competitive market produce. (10) | 5. | The period of time in which at least one factor of production is fixed (5,3) | 6. | A formal agreement among firms acting in an oligopoly (6) |
| 7. | The cost of producing an additional unit of output (8,4) | 11. | At market structure where many small firms are producing slightly different goods are produced, allowing for different prices to be offered. (12) | 13. | A market structure where there is one dominant firm (8) | 14. | A market structure characterized by the dominance of a small number of interdependent firms (9) |
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© 2013
PuzzleFast.com, Noncommercial Use Only
Taking Micro to a Higher Level
Across:2. | The additional revenue made selling one more unit. (8,7) | 4. | A fall in long-run average costs (9,2,5) | 8. | Income earned by a firm (price x quantity) (7) | 9. | Costs that do not vary with the level of output (5,5) |
| 10. | Additional benefit enjoyed by consumers when they obtain a good for a lower price than they were willing to pay for the product (8,7) | 12. | MR=0 (7,12) | 15. | The situation where a company covers it explicit and implicit costs (6, 6) | 16. | Occurs when MSC = MSB (10,10) |
| | Down:1. | MC = MR (6,12) | 3. | The type of goods firms in a perfectly competitive market produce. (10) | 5. | The period of time in which at least one factor of production is fixed (5,3) | 6. | A formal agreement among firms acting in an oligopoly (6) |
| 7. | The cost of producing an additional unit of output (8,4) | 11. | At market structure where many small firms are producing slightly different goods are produced, allowing for different prices to be offered. (12) | 13. | A market structure where there is one dominant firm (8) | 14. | A market structure characterized by the dominance of a small number of interdependent firms (9) |
| |
© 2013
PuzzleFast.com, Noncommercial Use Only