Chapter 10

2. A firm with two or more owners who have unlimited liability.
4. Many firms, selling identical products.
7. One firm.
10. Percentage of value of sales accounted for by the four largest firms in an industry.
11. A handful of firms compete.
13. Firm's opportunity cost of using its own capital.
15. Large number of firms making similar but slightly different products.
16. Firms eliminate these.
17. When a firm produces a given output at the least cost.
18. Technology, Information, Market.
19. A single owner of a firm.

1. Firm owned by one or more limited liability shareholders.
3. The cost of producing a unit of a good falls as output rate increases.
5. When a firm produces a given output using the least amount of input.
6. Any method of producing a good or service.
8. Total revenue minus total cost.
9. Square of the percentage market share of each firm summed over largest 50 firms.
12. The fall in market value of firm's capital over a given period.
14. When a firm uses specialized resources to produce a range of goods and services.