Across
- 2. This is a situation where there is a single seller in the market
- 4. this is a a selling strategy that charges customers different prices for the same product or service based on what the seller thinks they can get the customer to agree to. In pure price discrimination, the seller charges each customer the maximum price they will pay.
- 5. This occurs when the economic profit of a business is equal to zero.
- 8. This is a collection of independent businesses or organizations that collude in order to manipulate the price of a product or service. These are competitors in the same industry and seek to reduce that competition by controlling the price in agreement with one another.
- 10. This refers to a situation where prices and price changes established by a dominant firm, or a firm are accepted by others as the leader, and which other firms in the industry adopt and follow
- 14. This involves ways that firms seek to increase sales and attract custom through methods other than price.
- 18. This is a common measure of market concentration of an industry - the size of firms in relation to the industry they are in- and is used to determine market competitiveness.
- 20. This a market characterized by a small number of firms who realize they are interdependent in their pricing and output policies. The number of firms is small enough to give each firm some market power
- 22. This in economics means that a company can be challenged or contested by rival companies looking to enter the industry or market.
- 23. This is calculated by multiplying the price (p) of the good by the quantity produced and sold (q). In algebraic form, revenue (R) is defined as R = p × q. The sum of revenues from all products and services that a company produces
- 25. This is an alternative business objective to maximising profits. It means a business is making enough profit to keep shareholders happy or it's sufficient for investors to maintain confidence in the management they appoint.
Down
- 1. This characterizes an industry in which many firms offer products or services that are similar (but not perfect) substitutes
- 3. This is calculated as the sum of the market share percentage held by the largest specified number of firms in an industry.
- 6. This means selling a quantity of a good or service, or fixing a price, where total revenue (TR) is at its greatest above total cost (TC).
- 7. This occurs when all companies sell identical products, market share does not influence price, companies are able to enter or exit without barrier, buyers have perfect or full information, and companies cannot determine prices.
- 9. this is a a for-profit business, usually formed as a partnership that provides professional services, such as legal or accounting services.
- 11. Average revenue is defined as the measurement of the revenue that is generated per unit
- 12. This in business usage, the excess of total revenue over total cost during a specific period of time. In economics, profit is the excess over the returns to capital, land, and labour (interest, rent, and wages).
- 13. This is the increase in revenue that results from the sale of one additional unit of output
- 15. This is an agreement between sellers to raise or fix prices in order to restrict inter-firm competition and earn higher profits. Price fixing agreements are formed by firms in an attempt to collectively behave as a monopoly.
- 16. This exists in a particular market if a single firm can serve that market at lower cost than any combination of two or more firms
- 17. This is sometimes called gross sales, is the total amount of sales in a given period.
- 19. This is profit of a firm over and above what provides its owners with a normal (market equilibrium) return to capita
- 21. This is a theoretical objective of a firm which involves selling as many units of a good or service as possible, without making a loss
- 24. This refers to a group of companies that are related based on their primary business activities