Costs, Revenue, Profits, Efficiency

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Across
  1. 3. An example of a fixed cost
  2. 5. The difference between Average Total Cost and Average Variable Cost
  3. 6. The gradient of MR is _____ the gradient of AR (for a price maker)
  4. 8. A profit-maximising firm chooses the output where marginal cost = ___________ _______
  5. 10. A cost that does not vary with output quantity
  6. 11. Where P=MC
  7. 12. _________ profit; The opposite of supernormal profit
  8. 13. A market structure
Down
  1. 1. Which occurs at higher output level? productive efficiency or normal profit?
  2. 2. Where MR=0, a firm maximises ________
  3. 4. The slope of this cost curve is determined by the LDMR
  4. 7. The type of efficiency where average costs are minimised
  5. 9. Average fixed costs decrease at a __________ rate