Chapter 23 Economic key terms

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Across
  1. 5. a business that must accept the market price and cannot influence it
  2. 7. a business that can set the price of its product because it has little or no compitition (common in monopolies)
  3. 9. profit abouve that needed to keep a firm in the market in the long run
  4. 10. a market with a number of firms that compete with each other
  5. 11. anything that makes it difficult for a firm to start producing the product
Down
  1. 1. the size of production units and the methods of production used
  2. 2. cost that cannot be recovered if the firm leaves the industry
  3. 3. anything that makes it difficult for a firm to stop making the product
  4. 4. The condition which exist in a market including the number of firms
  5. 6. the minimum level of profit required to keep a firm in the indusry in the long run
  6. 8. a market with a single supplier