Across
- 6. A function or part that is performed by the manager.
- 8. An oligopoly model that is undesirable from the perspective of the manager.
- 9. In this oligopoly model, a firm chooses quantity based on its competitors’ given levels of output.
- 12. It is a cost that is forever lost after it has been paid.
- 14. A function that defines the profit-maximizing level of output for a firm for given output levels of another firm.
- 15. This is act by firms whenever a market is dominated by only a few firms, firms can benefit at the expense of consumer by “agreeing” to restrict output or, equivalently, to charge higher prices.
- 16. Rivals in selling or buying goods or services in the same market as another.
- 19. A tactic to achieve a major or overall aim in oligopoly.
- 20. market A market in which all firms have access to the same technology.
Down
- 1. It is based on a very specific assumption regarding how other firms will respond to price increase and price cuts.
- 2. It refers to a situation where there are relatively few large firms in an industry.
- 3. It is a short or long run process by which a firm can find the best price, input and output levels to maximize profits.
- 4. The basic tool used to summarize the profits of a firm in Cournot oligopoly which defines the combinations of outputs of all firms that yield a given firm the same level of profits.
- 5. A situation in which neither firm has an incentive to change its output given the other firm’s output.
- 7. This is an oligopoly model in where the leader is assumed to make an output decision before the other firms.
- 10. Situations of oligopoly.
- 11. A person who directs resources to achieve a stated goal.
- 13. An oligopoly composed of only two firms.
- 17. A diagram that helps us in understanding and comparing situations in oligopoly.
- 18. A curve that indicates the total quantity of goods all consumers are willing and able to purchase at each possible price.