UWeconomics - Page 13

crossword

MICROECONOMICS

Down:

1: Axioms of consumer behaviour include ____, complete ordering, consistency, transitivity and nonsatiation.

2: If a good is so inferior that its income effect outweighs the substitution effect, it's a ____ good.

3: When the price elasticity of demand equals 0, it's called ____ ____ demand.

4: Diminishing marginal rate of substitution is the ____ of the indifference curve.

Across:

5: ____ ____ is determined by the tax per unit and the quantity consumer will buy after tax.

6: An ____ is the locus of all technologically efficient processes for producing a given quantity of output.

7: Total effect= Substitution effect + ____ effect.

8: A minumum price that is set above the equilibrium price creates a ____.

Answer:

1: rationality

2: giffen

3: perfectly inelastic

4: slope

5: government revenue

6: isoquant

7: income

8: surplus

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