BOM Crossword Puzzle

5. Function A function that defines the profit-maximizing level of output for a firm for given output levels of another firm.
6. Equilibrium A situation in which neither firm has an incentive to change its output given the other firm’s output.
7. Situations of oligopoly.
8. An oligopoly composed of only two firms.
11. A function or part that is performed by the manager.
12. market A market in which all firms have access to the same technology.
14. It is a short or long run process by which a firm can find the best price, input and output levels to maximize profits.
16. cost It is a cost that is forever lost after it has been paid.
17. A person who directs resources to achieve a stated goal.
18. Model It is based on a very specific assumption regarding how other firms will respond to price increase and price cuts.
19. Oligopoly In this oligopoly model, a firm chooses quantity based on its competitors’ given levels of output.

1. curve A curve that indicates the total quantity of goods all consumers are willing and able to purchase at each possible price.
2. Oligopoly An oligopoly model that is undesirable from the perspective of the manager.
3. Rivals in selling or buying goods or services in the same market as another.
4. A diagram that helps us in understanding and comparing situations in oligopoly.
7. This is act by firms whenever a market is dominated by only a few firms, firms can benefit at the expense of consumer by “agreeing” to restrict output or, equivalently, to charge higher prices.
9. It refers to a situation where there are relatively few large firms in an industry.
10. oligopoly This is an oligopoly model in where the leader is assumed to make an output decision before the other firms.
13. A tactic to achieve a major or overall aim in oligopoly.
15. curves The basic tool used to summarize the profits of a firm in Cournot oligopoly which defines the combinations of outputs of all firms that yield a given firm the same level of profits.