Across
- 2. The point at which the quantity demanded of a good equals the quantity supplied, taking into account the ability of firms to enter or exit the market.
- 10. Ownership of an industry or company by the government, rather than by private individuals or companies.
- 11. The curve that shows the relationship between the price of a good and the quantity supplied by all firms in an industry in the short run, where at least one input is fixed.
- 12. An industry where the average cost of production increases as the quantity produced increases.
- 13. The curve that shows the relationship between the price of a good and the quantity supplied by a firm in the short run, where at least one input is fixed.
- 14. The price at which a firm's revenue equals its total cost, meaning that the firm neither makes a profit nor incurs a loss.
- 15. The practice of charging different prices for the same good or service to different customers, based on their willingness to pay.
Down
- 1. A monopolist that charges the same price to all customers, regardless of their willingness to pay.
- 3. The curve that shows the relationship between the price of a good and the quantity supplied by all firms in an industry in the long run, where all inputs are variable.
- 4. An industry where the average cost of production remains constant as the quantity produced increases.
- 5. The price at which a firm's revenue is less than its variable cost, and it is not profitable for the firm to remain in operation in the short run.
- 6. An industry where the average cost of production decreases as the quantity produced increases.
- 7. The control of prices by government agencies to prevent market failure or to achieve social goals.
- 8. The practice of charging each customer the maximum price they are willing to pay, resulting in the highest possible profit for the firm.
- 9. The curve that shows the relationship between the price of a good and the quantity supplied by all firms in an industry.