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Crossword: Mid-term Quiz (copy)

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