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Across
3.Goods that satisfy the same need as another good, such as Pepsi and Coke. When the price of one changes, demand for the other is affected.
4.An industry that is controlled by a small number of competitors. Collusion between these companies is prohibited, but it’s very difficult, if not impossible, for a new company to join the oligopoly. New participants may be barred by prohibitive start-up costs, or they may be shut out of a market because consumer attachment to an established brand may be too strong to challenge. The auto and oil oligopolies enjoy the first advantage; the soft drink oligopolies enjoy the second.
5.This fundamental economic principle states that as prices rise demand will fall, and as prices fall demand will rise.
6.graphical representation of the quantities produced at each and every possible price in the market
8.A factor shaping demand. As consumers’ tastes change, for example in fashion, demand is affected
10.The study of individuals, households, and firms, and how they make economic decisions. This is in contrast to macroeconomics, which focuses on the economic actions, in aggregate, of whole societies.
11.The point at which supply and demand intersect. The price at which consumers’ willingness and ability to purchase a good or service converges with producers’ willingness and ability to supply that good or service.
13.The amount of a good or service that people are willing and able to buy at a specified price.
14.Refers to the extent to which the price of a particular product affects demand for that product. For products with “inelastic demand,” demand does not change when prices rise and fall. For products with “elastic demand,” demand does change when prices rise and fall.
15.A form of collusion in which competitors agree to a common pricing schedule. Price fixing is illegal.
Down
1.Economic law stating that the amount of satisfaction derived from a particular good or service will diminish with each successive purchase of that good or service.
2.As incomes change, demand changes. If people’s income declines, their willingness and ability to purchase an item at a given price will also decline. If people’s income increases, their willingness and ability to purchase an item at a given price will also increase.
7.graph showing the quantity demanded of a product at each and every possible price that might prevail in the market at a given time
9.This fundamental economic principle states that as prices rise supply will increases, and as prices fall supply will decrease.
12.production period so short that only variable inputs can be changed

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