Economics 11/11

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Across
  1. 2. an identifying symbol or name for a particular good and can only be used by the firm that registered that trademark
  2. 5. producing the optimal quantity of some output; the quantity where the marginal benefit to society of one more unit just equals the marginal cost
  3. 6. an oligopoly with only two firm
  4. 7. where all firms earn zero economic profits producing the output level where P = MR = MC and P = AC
  5. 10. legal prohibitions against competition, such as regulated monopolies and intellectual property protection
  6. 15. a group of firms that collude to produce the monopoly output and sell at the monopoly price
  7. 16. the long-run process of firms reducing production and shutting down in response to industry losses
  8. 20. a situation in which one firm produces all of the output in a market
  9. 21. a game in which the gains from cooperation are larger than the rewards from pursuing self-interest
  10. 23. economic conditions in the industry, for example, economies of scale or control of a critical resource, that limit effective competition
  11. 25. each firm faces many competitors that sell identical products
  12. 26. a form of legal protection to prevent copying, for commercial purposes, original works of authorship, including books and music
  13. 28. level of output where the marginal cost curve intersects the average variable cost curve at the minimum point of AVC; if the price is below this point, the firm should shut down immediately
  14. 29. when an existing firm uses sharp but temporary price cuts to discourage new competition
  15. 31. the body of law including patents, trademarks, copyrights, and trade secret law that protect the right of inventors to produce and sell their inventions
  16. 32. firms and organizations that fall between the extremes of monopoly and perfect competition
  17. 33. profit of one more unit of output, computed as marginal revenue minus marginal cost
Down
  1. 1. the legal, technological, or market forces that may discourage or prevent potential competitors from entering a market
  2. 3. a product that consumers perceive as distinctive in some way
  3. 4. many firms competing to sell similar but differentiated products
  4. 8. a perceived demand curve that arises when competing oligopoly firms commit to match price cuts, but not price increases
  5. 9. methods of production kept secret by the producing firm
  6. 11. the additional revenue gained from selling one more unit
  7. 12. when firms act together to reduce output and keep prices high
  8. 13. a firm in a perfectly competitive market that must take the prevailing market price as given
  9. 14. level of output where the marginal cost curve intersects the average cost curve at the minimum point of AC; if the price is at this point, the firm is earning zero economic profits
  10. 17. a branch of mathematics that economists use to analyze situations in which players must make decisions and then receive payoffs based on what decisions the other players make
  11. 18. removing government controls over setting prices and quantities in certain industries
  12. 19. any action that firms do to make consumers think their products are different from their competitors'
  13. 22. when a few large firms have all or most of the sales in an industry
  14. 24. the conditions in an industry, such as number of sellers, how easy or difficult it is for a new firm to enter, and the type of products that are sold
  15. 27. the long-run process of firms entering an industry in response to industry profits
  16. 30. a government rule that gives the inventor the exclusive legal right to make, use, or sell the invention for a limited time