Market Structures Review

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Across
  1. 2. Characteristic of monopolistic competition that perfect competition does not have
  2. 6. Term used to describe a level of profit of zero
  3. 9. This is created when large firms restrict output and raise price to create allocative inefficiency
  4. 11. the market structure where barriers to entry are the lowest
  5. 12. The act of absorbing another business to grow your market power
  6. 16. jacket company who prioritized corporate social responsibility over profit
  7. 18. Term that describes two or more firms in an oligopoly fixing the price of a product
  8. 19. Total revenue is maximized when marginal revenue is this value
  9. 22. Term that describes the demand curve faced by a firm in perfect competition
  10. 23. Setting a price at a low level when you enter the market in hopes of gaining market share
  11. 24. Government could use this if it wanted to create allocative efficiency in a natural monopoly
  12. 25. Describes the government purchase of a private firm to create societal benefit
Down
  1. 1. Type of Economies of scale whereby bulk buying leads to lower costs per unit
  2. 3. Type of Economies of scale whereby large firms raise financial capital at lower cost than smaller firms
  3. 4. A company's sales divided by total industry sales
  4. 5. When a market is allocatively efficient marginal cost is equal to this
  5. 7. Acronym that describes the demand line in perfect competition
  6. 8. this company, now renamed, prioritized market share over profit in its first 5 years
  7. 10. Term used to describe the level of profit when total revenue exceeds total cost
  8. 13. Natural monopolies can achieve this due to high upfront or fixed costs
  9. 14. setting a low price to discourage a new entrant into the market.
  10. 15. Profit is maximized when marginal cost equals...
  11. 17. In the long run in monopolistic competition average revenue is equal to....
  12. 20. Term used to describe the relationship between firms in an oligopoly. One firm's actions affects the others.
  13. 21. change in TC/change in Q