Economics Chapter 14 Crossword

4. where a firm is able to raise the price of a product and not lose all its sales to rivals (2)
7. the business practice of selling the same good at different prices to different customers (2)
8. when the perceived benefits of the combined operations of a merged organisation are greater than those which would arise if the firms stayed separate
9. the process of buying a good in one market at a low price and selling it in another market at a higher price in order to profit from the price difference
10. the type of price discrimination where the monopolist knows exactly the willingness to pay of each customer and can charge each customer a different price
11. the right of an individual or organization to own things they create in the same way as a physical object to prevent others from copying or reproducing the creation

1. a firm that is the sole seller of a product without close substitutes
2. the type of competition that exists where firms are able to differentiate their product in some way and so can have some influence over price
3. a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than two or more firms could (2)
5. anything which prevents a firm from entering a market or industry (3)
6. the proportion of total sales in a market accounted for by a particular firm (2)
12. the right conferred on the owner to prevent anyone else making or using an invention or manufacturing process without permission