Chapter 10

2. Large number of firms making similar but slightly different products: ______ competition.
7. Many firms, selling identical products: _____ competition.
9. A single owner of a firm.
11. When a firm produces a given output at the least cost.
13. A firm with two or more owners who have unlimited liability.
14. A handful of firms compete.
15. Technology, Information, Market.
18. When a firm uses specialized resources to produce a range of goods and services.

1. Percentage of value of sales accounted for by the four largest firms in an industry.
3. Firm's opportunity cost of using its own capital.
4. Firms eliminate these.
5. One firm.
6. The fall in market value of firm's capital over a given period; economic _________.
8. Firm owned by one or more limited liability shareholders.
10. Square of the percentage market share of each firm summed over largest 50 firms.
12. The cost of producing a unit of a good falls as output rate increases.
13. Total revenue minus total cost; economic _________.
16. Any method of producing a good or service.
17. Technological efficiency: when a firm produces a given output using the ______ amount of input.