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Knowing Your Micro
20
SocialEfficiency: Occurs when MSC = MSB
PublicGood: A non-rivalrous, non-excludable product that would not be provided in a pure free market
OpportunityCost: The cost of a product in terms of the next best alternative that is foregone
AdValorem: An indirect tax charged as a percentage of the selling price of a product
ProducerSurplus: Additional benefit received by producers when they sell a product at a higher price than they were willing to supply
Equilibrium: The level of output and corresponding price where demand is equal to supply
Demand: Quantity of a product that consumers are willing and able to buy at a given price in a given time period
Elasticity: The word used in a economics to measure responsiveness of a variable to a change in a related variable
Complement: A good which is consumed with another good
XED: Abbreviation for the measure of the responsiveness of demand for one good to a change in the price of a related good
MarketFailure: Where a market produces at a level of output where MSC is not equal to MSB
Supply: The amount of a good that producers are willing and able to produce at a given price in a given time period
PriceFloor: The minimum price that a firm is allowed to charge for a product
CeterisParibus: Latin expression meaning ‘let other things remain equal’
YED: Abbreviation for the measure of responsiveness of demand to a change in income
InferiorGood: A good whose income elasticity of demand is negative
ConsumerSurplus: Additional benefit enjoyed by consumers when they obtain a good for a lower price than they were willing to pay for the product
IndirectTax: Tax placed on the expenditure on a good or service
PriceCeiling: The maximum price that a firm is allowed to charge for a product
Substitute: A good which is consumed in place of another good
MeritGood: A good whose consumption creates positive externalities of consumption
Revenue: Income earned by a firm, price x quantity
Knowing Your Micro
Across:4. | Where a market produces at a level of output where MSC is not equal to MSB | 5. | The minimum price that a firm is allowed to charge for a product | 7. | A good which is consumed in place of another good | 8. | An indirect tax charged as a percentage of the selling price of a product | 11. | Income earned by a firm, price x quantity | 13. | Abbreviation for the measure of responsiveness of demand to a change in income | 15. | The word used in a economics to measure responsiveness of a variable to a change in a related variable | 16. | Occurs when MSC = MSB | 17. | A good whose consumption creates positive externalities of consumption | 18. | Quantity of a product that consumers are willing and able to buy at a given price in a given time period | 19. | Additional benefit enjoyed by consumers when they obtain a good for a lower price than they were willing to pay for the product |
| | Down:1. | The amount of a good that producers are willing and able to produce at a given price in a given time period | 2. | The cost of a product in terms of the next best alternative that is foregone | 3. | A good which is consumed with another good | 5. | Additional benefit received by producers when they sell a product at a higher price than they were willing to supply | 6. | The maximum price that a firm is allowed to charge for a product | 9. | Abbreviation for the measure of the responsiveness of demand for one good to a change in the price of a related good | 10. | Latin expression meaning ‘let other things remain equal’ | 12. | The level of output and corresponding price where demand is equal to supply | 14. | A non-rivalrous, non-excludable product that would not be provided in a pure free market |
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© 2014
PuzzleFast.com, Noncommercial Use Only
Knowing Your Micro
Across:4. | Where a market produces at a level of output where MSC is not equal to MSB | 5. | The minimum price that a firm is allowed to charge for a product | 7. | A good which is consumed in place of another good | 8. | An indirect tax charged as a percentage of the selling price of a product | 11. | Income earned by a firm, price x quantity | 13. | Abbreviation for the measure of responsiveness of demand to a change in income | 15. | The word used in a economics to measure responsiveness of a variable to a change in a related variable | 16. | Occurs when MSC = MSB | 17. | A good whose consumption creates positive externalities of consumption | 18. | Quantity of a product that consumers are willing and able to buy at a given price in a given time period | 19. | Additional benefit enjoyed by consumers when they obtain a good for a lower price than they were willing to pay for the product |
| | Down:1. | The amount of a good that producers are willing and able to produce at a given price in a given time period | 2. | The cost of a product in terms of the next best alternative that is foregone | 3. | A good which is consumed with another good | 5. | Additional benefit received by producers when they sell a product at a higher price than they were willing to supply | 6. | The maximum price that a firm is allowed to charge for a product | 9. | Abbreviation for the measure of the responsiveness of demand for one good to a change in the price of a related good | 10. | Latin expression meaning ‘let other things remain equal’ | 12. | The level of output and corresponding price where demand is equal to supply | 14. | A non-rivalrous, non-excludable product that would not be provided in a pure free market |
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© 2014
PuzzleFast.com, Noncommercial Use Only