key terms

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Across
  1. 2. exists when ther is a single supplier in the market
  2. 3. is a firm that has to accept the equilibrum price set by the market in which it operates any quantity of good will be sold at that price
  3. 4. concentration ratio measure the combined market share of the larges firms in a particular market.
  4. 7. describes the characteristics of the market that affect the ways in which firms compete and also the welfare of consumers in that market
  5. 9. is the percentage of total sales in a merket that is achieved by one particular firm or good
  6. 10. is a market structure in which the supply of goods is dominated by a few firms there are barriers to entry into the industry and may well be barriers to restrict exit although knowledge may be widesread firms in the industry are likley to possess some knowledge that is not available to others
  7. 11. is the degree to which buyer view a good as being distinct from the alternative goods being supplied by other firms within that particular market
  8. 12. is a market structure in which there is only one firm supplying all the goods in an idustry there are barriers to entry into the idustry that have prevented any competition from other firms perfect knowledge does not exist because a monopolist is likely to possess knowledge that other participants in the market do not have
  9. 13. means increasing the firms sales volume or total revune over a period of time usually measured over a period of one year.
Down
  1. 1. describes a market structure in which there are many sellers. there is freedom of entry and exit into and out of the market buyers and sellers all possess perfect information and all firms supply identical goods
  2. 5. is the state of continuing to exist or avoid failure a firm that fails to survive will go into liquidation or bankruptcy sole traders
  3. 6. arises when firms exert considerable in a merket because of their relatively larege market size usually above 25 percent
  4. 8. is the degree to which a new firm can enter/start supplying a market without experiencing factor that give it a competitve disadvantage agains existing firms within that market