Complete the crossword, then click on "Check" to check your answer.
If you are stuck, you can click on "Hint" to get a free letter. Click on a number in the grid to see the clue or clues for that number.
Across:
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| 7. |
If the percentage change in quantity demanded is less than the percentage change in price, what type of good is this? |
| 8. |
A type of market structure |
| 10. |
As income decreases, the demand for this type of good increases |
| 11. |
These type of goods have a positive income elasticity of demand |
| 12. |
If the demand for a product is inelastic and a price increase occurs, what happens to Total Revenue? |
| 13. |
A perfectly competitive firm cannot dictate the market price, the price is determined by the market. This is called a price |
| 14. |
This measures the responsiveness of demand to a change in Income |
| 15. |
These type of costs are dependent on the output level, the more output that is produced, the higher these type of costs |
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Down:
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| 1. |
Δ TU / Δ Q |
| 2. |
A perfectly competitive firm earns what type of profits in the long run |
| 3. |
A retailer bulk buying is an example of |
| 4. |
The cost of labour is |
| 5. |
A perfectly competitve industry produces an indentical product, another term is |
| 6. |
These type of costs are independent of the output level |
| 9. |
A monopolist has the ability to control prices. Its a price |
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