Across
- 3. costs / Firms eliminate these.
- 4. Index / Square of the percentage market share of each firm summed over largest 50 firms.
- 5. concentration ratio / Percentage of value of sales accounted for by the four largest firms in an industry.
- 8. competition / Large number of firms making similar but slightly different products.
- 9. / Firm owned by one or more limited liability shareholders.
- 10. constraints / Technology, Information, Market.
- 11. of scale / The cost of producing a unit of a good falls as output rate increases.
- 14. / A handful of firms compete.
- 15. Competition / Many firms, selling identical products.
Down
- 1. depreciation / The fall in market value of firm's capital over a given period.
- 2. / A firm with two or more owners who have unlimited liability.
- 3. efficiency / When a firm produces a given output using the least amount of input.
- 6. / any method of producing a good or service.
- 7. rental rate / Firm's opportunity cost of using its own capital.
- 12. proprietorship / A single owner of a firm.
- 13. / One firm.