3.2 Market Structures

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Across
  1. 2. Expenses that change with output eg materials
  2. 5. Sole buyer of a product.
  3. 7. Type of profit where AR>AC.
  4. 8. The addition to total cost of an extra unit of output.
  5. 10. The earnings per unit.
  6. 13. Single seller of a unique good or service.
  7. 15. Time period where firms are able to enter/leave an industry.
  8. 17. The cost per unit.
  9. 20. Market structure where there are many, small firms, selling an identical product.
Down
  1. 1. Expenses that do not change with output. eg rent
  2. 3. Type of profit where AR<AC.
  3. 4. The difference between the highest price the consumer is willing to pay and what they do pay.
  4. 6. A decrease in community surplus not transferred to another group.
  5. 9. One firm that can supply the market at a lower price than two or more other sellers.
  6. 11. Where price equals AVC.
  7. 12. When the sum of consumer surplus and producer surplus is maximised.
  8. 14. Type of profit where AR=AC.
  9. 16. The additional earnings made by a firm by selling an extra unit of output.
  10. 18. A market structure that has a large number of firms selling similar goods or services.
  11. 19. A market structure where a few sellers provide differentiated items.
  12. 21. The difference between the lowest price the producer is willing to receive and what they do receive.