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Crossword: Mid-term Quiz

Crossword hints:
_____ ______ means closing the doors but not going out of business. (hint: 2 words with space), Also called slope of Total Cost Curve. (hint: 2 words with space), An _______ results from any action that imposes costs on others outside of any market exchange. (hint: 2 words with space), Utility ______ requires seeking the greatest utility from a given budget., An arrangement in which consumers choose their health-care services while other institutions pay a share of the cost of those services is called a(n) ________ payer system. (hint: hyphened word), The ______ condition requires that prices confront consumers with the marginal costs and marginal benefits of their actions., A Giffen good is one in which the demand curve is _______ sloped., The textbook classifies ______ as Knowledge and entrepreneurs as persons who seek profit., If the percentage change in quantity is less than the percentage change in price, demand is said to be price ____., A ______ results from a current price being below the equilibrium price., In the long run, all costs are _____., If, because of a price change, both the income and substitution effects are strong for a normal good, this segment of the demand curve must be relatively price ______., A _____ is a result of equilibrium price being below the current price., Economic resources used in the production process are called ______ of production, Net benefit is maximized when marginal benefit _______ marginal cost., Whatever the time period involved, a consumer%27s spending will be limited by his or her _______ ., A good or service for which exclusion cannot be applied and for which marginal cost of an additional user is zero., A market price support policy establishes price ____ above the market equilibrium., In long-run equilibrium, economic profits in a perfectly competitive industry are _____. , In the short run, if AVC %3c P %3c ATC, a perfectly competitive firm produces output and makes an economic ____, The ratio of the percentage change in the quantity demanded to the percentage change in price, all other things unchanged, is ____ _____ of demand (hint: 2 words with space), a change in the quantity demanded of a good because of an implicit change in the buyer%27s income caused by a change in the price of a good or service. (hint: 2 words with space), Marginal Product is _______, and marginal utility is not ________. (hint: same word fills both blanks), The _____ is a period that is long enough in which to vary output but not plant capacity. (hint: 2 words with space), The slope of a long-run average cost curve exhibiting economies of scale is ______., The satisfaction consumers derive from their consumption of goods and services is called ____., A persistent shortage may occur if the government imposes a price ______., A product that has good substitutes is likely to have a _____ price elasticity of demand than one that does not., When diseconomies of scale outweigh economies of scale, the long-run average cost curve _____. , Whenever MB %3c MC, the decisionmaker should do _______ of the activity. (hint more or less), Sacrifice of an alternative is called __________. (hint: 2 words with space), The shutdown point is where __ = minimum Average Variable Cost (AVC). (hint: 2 words with space), People or firms who consume a public good without paying for them are called _______ by economists. (hint: 2 words with space), Situtation where a choice must be made among two or more alternatives., When an alternative to the current allocation of resources exists that would increase society%27s welfare there is market _______., Economic ______ is the vertical distance between total revenue and total cost at a particular level of output., There can be no shortages or surpluses at the _______ price., Accountants use only _______ costs in their computations of short-run total cost., The _____ curve shows the firm%27s cost per unit at each level of output in the long run. (hint: acronym), If two goods are ______ a decrease in the price of one will result in an increase in demand for the other., Relationship between the price of a good and the quantity people are willing and able to purchase and the independent variables that determine quantity.,

Crossword words:
LESS, EQUALS, LRAC, FLOOR, PRICE ELASTICITY, EQUILIBRIUM, EFFICIENCY, ELASTIC, BUDGET, UTILITY, MAXIMIZATION, HIGHER, IMPLICIT, TECHNOLOGY, SCARCITY, INCOME EFFECT, VARIABLE, POSITIVELY, ZERO, SHUTTING DOWN, PUBLIC, SUBTITUTES, FAILURE, THIRD-PARTY, NEGATIVE, PROFIT, RISES, MARGINAL COST, DEMAND, OPPORTUNITY COST, SHORT RUN, FACTORS, MARGINAL COST, LOSS, SHORTAGE, CEILING, INELASTIC, SURPLUS, EXTERNAL COST, MEASURABLE,