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Micro Puzzle

Name ___________________________________
Across
The _____ theorem states that an efficient outcome can be reached through private bargaining, given clearly defined property rights and low transaction costs.
A minimum price established by government and usually set above equilibrium.
A good that people buy more of when income rises.
The percentage change in quantity demanded divided by the percentage change in price.
An innovator who starts/operates a business with the expectation of earning profit.
Inefficiency is measured by calculating _____ loss.
Machines, tools, equipment and the structures used to produce goods and services.
An industry with a single seller.
Down
Quantity supplied exceeds quantity demanded.
Total revenue minus total cost.
A good that people buy more of when income falls.
A cost or benefit that spills over to a third party.
At least one input is _____ in the short run.
An oligopoly is an industry with _____ sellers.
A maximum price established by government and usually set below equilibrium.
Occurs when marginal benefit equals marginal cost.
Quantity demanded exceeds quantity supplied.