Across
- 3. Grants the firm the sole right to the production process of a good
- 5. The demand curve of a firm in oligopoly
- 6. An agreement between firms to charge a low price to deter other firms from entering the industry is known as _____ pricing
- 7. When firms try to convince consumers that their goods are not perfect substitutes
- 9. Firms join together for mutual benefit
- 10. The advantages of large scale production are known as economies of _____
Down
- 1. Firms in oligopoly aim to avoid a price _____
- 2. A firm in monopoly often does not make the best use of scarce resources
- 4. The removal of government controls from an industry
- 8. The profit earned by firms engaged in monopolistic competition in the short run