Across
- 3. total revenue divided by the quantity sold
- 4. e.g. milk, wheat
- 7. anti-trust law; used to reduce the market powerful of the large and powerful "trusts"
- 8. e.g. cable tv, tap water
- 9. firms advertise to manipulate people's tastes; impedes competition
- 11. e.g. novels, movies, computer games, CD's
- 16. a combination of two or more corporations engaged in different businesses that fall under one group. Usually has a parent company and many subsidiaries
- 18. e.g. tennis balls, cigarettes
Down
- 1. the change in total revenue from an additional unit sold
- 2. the business practice of selling the same good at different prices to different customers
- 5. a group of firms acting in unison
- 6. a cost that has already been committed and cannot be recovered
- 7. the benefits of companies merging to lower costs through more efficient unit production
- 10. firms with market power normally use that power to raise prices above the competition level
- 12. provides customers with info; fosters competition
- 13. a market with many buyers and sellers trading identical products so that each buyer and seller is a price talker
- 14. competition a market structure in which many firms sell products that are similar but not identical
- 15. a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms
- 17. an agreement among firms in a market about quantities to produce or prices to change