Topic 4 - Firm Behaviour

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Across
  1. 1. If the market price > average costs, them average profit will be ________
  2. 3. Only one firm selling the product and this firm fears no completition
  3. 5. Period of time during which all factors are variable
  4. 7. Is a situation with few firms that sell identical or similar products
  5. 8. The income a firm generates from seeling its products
Down
  1. 1. The process of combining inputs to produce outputs
  2. 2. Period of time during which at least some factors of production are fixed
  3. 4. An organisation that combines inputs or labour, capital and raw or finsihed materials to produce outputs
  4. 6. If price is < average cost, then profits will be _______