ECON Crossword Puzzle #3

4. Factors that cause a producer's average cost per unit to fall as output rises.
6. A business owned and managed by a single individual.
7. An incentive that encourages entrepreneurs to take business risks in the hopes of making a profit.
12. The possibility of adverse outcomes or losses associated with starting, operating, or expanding a business.
13. Competition that focuses on factors other than the price of the product.
14. A business organization owned by two or more persons who agree on a specific division of responsibilities and profits.
16. A market in which a single seller dominates.
18. A market in which a large number of firms all produce the same product and no single seller controls supply or prices.
20. Laws that encourage competition in the marketplace.
21. Competition when marketers compete solely on the basis of price.

1. An agreement that unites two or more existing companies into one new company.
2. Type of merger that involves the combination of two or more firms competing in the same market with the same good or service.
3. A market in which many companies sell products that are similar, but not identical.
5. A business combination that involves merging more than two businesses that produce unrelated products or services.
8. A market in which a few large firms dominate a market.
9. The ability of a company to control prices and total market output.
10. A legal entity, or being, owned by individual stockholders, each of whom has limited liability for the firm's debts.
11. Type of merger that involves two or more firms involved in different stages of producing the same good or service.
15. A market that runs most efficiently when one large firm supplies all of the output.
17. The practice of allocating funds back into a business or investment project to enhance its productive capacity, improve efficiency, or maintain competitiveness.
19. The difference between the cost of producing something and the amount earned.