Chapter 23 Economics Key words

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Across
  1. 3. anything that makes it difficult for a firm to start producing the product
  2. 4. Anything that makes it difficult for a firm to stop making the product
  3. 5. The minimum level of profit required to keep a firm in the industry for the long run
  4. 7. A market with many sellers offering slightly different products, competing on things like quality or branding.
  5. 9. A business that can set the price of it products because it has little or no competition (common in monopoly's)
  6. 12. When businesses try to make their product stand out from competitors’ products through design, branding, or features.
  7. 13. A business that must except the market price and cannot influence it
  8. 14. The size of production units and the methods of production used
  9. 15. When businesses secretly work together to fix prices or limit competition (illegal in many countries).
Down
  1. 1. Profit above that needed to keep a firm in The market for the long run
  2. 2. A market with a number of firms that compete with each other
  3. 6. A market with a single supplier
  4. 8. The conditions which exist in a market including the number of firms.
  5. 10. Cost that cannot be recovered in the firm leaves the industry
  6. 11. When a business grows and its costs per unit of production fall, making it cheaper to produce more.