Across
- 5. One firm, price maker, high barriers of entry
- 7. type of industry, firms experience lower costs as the industry expands. Long-run supply curve of this industry is downsloping
- 9. the exclusive right of an inventor to use, or allow another to use, her or his invention (a barrier of entry)
- 12. Industry expansion or contraction won't affect resource prices and production costs.
- 13. selling the same thing to people for different prices (movie tickets)
- 17. In many large cities, the number of taxicabs is limited by the municipality, which requires:
- 18. type of efficiency, producing at minimum ATC
- 19. If MR=MC is below AVC, you will shutdown
- 20. type of efficiency, quantity most wanted by society; MC=D
Down
- 1. a point where the output at which a firm makes a normal profit but not an economic profit MC=ATC
- 2. few dominant firms, interdependent behavior, high barriers of entry
- 3. change in total revenue that results from the sale of 1 additional unit of a firm's product
- 4. type of competition, many firms, same product, price taker
- 6. P>MC yields less than max profit, society wants more products than resource provides
- 8. type of industry, ATC curves shift upward as industry expands
- 10. type of competition, many firms, no long term profit, low barriers of entry, differentiated products
- 11. Index that measures market concentration. Square market share, sum the resulting numbers. Ranges (0-10,000)
- 14. general type of competition, all market structures except perfect competition includes monopoly, monopolistic competition, and oligopoly
- 15. secret agreement between two firms (illegal)
- 16. an association of manufacturers or suppliers with the purpose of maintaining prices at a high level and restricting competition.