Across
- 5. a business that must accept the market price and cannot influence it
- 7. a business that can set the price of its product because it has little or no compitition (common in monopolies)
- 9. profit abouve that needed to keep a firm in the market in the long run
- 10. a market with a number of firms that compete with each other
- 11. anything that makes it difficult for a firm to start producing the product
Down
- 1. the size of production units and the methods of production used
- 2. cost that cannot be recovered if the firm leaves the industry
- 3. anything that makes it difficult for a firm to stop making the product
- 4. The condition which exist in a market including the number of firms
- 6. the minimum level of profit required to keep a firm in the indusry in the long run
- 8. a market with a single supplier