Across
- 2. Characteristic of monopolistic competition that perfect competition does not have
- 6. Term used to describe a level of profit of zero
- 9. This is created when large firms restrict output and raise price to create allocative inefficiency
- 11. the market structure where barriers to entry are the lowest
- 12. The act of absorbing another business to grow your market power
- 16. jacket company who prioritized corporate social responsibility over profit
- 18. Term that describes two or more firms in an oligopoly fixing the price of a product
- 19. Total revenue is maximized when marginal revenue is this value
- 22. Term that describes the demand curve faced by a firm in perfect competition
- 23. Setting a price at a low level when you enter the market in hopes of gaining market share
- 24. Government could use this if it wanted to create allocative efficiency in a natural monopoly
- 25. Describes the government purchase of a private firm to create societal benefit
Down
- 1. Type of Economies of scale whereby bulk buying leads to lower costs per unit
- 3. Type of Economies of scale whereby large firms raise financial capital at lower cost than smaller firms
- 4. A company's sales divided by total industry sales
- 5. When a market is allocatively efficient marginal cost is equal to this
- 7. Acronym that describes the demand line in perfect competition
- 8. this company, now renamed, prioritized market share over profit in its first 5 years
- 10. Term used to describe the level of profit when total revenue exceeds total cost
- 13. Natural monopolies can achieve this due to high upfront or fixed costs
- 14. setting a low price to discourage a new entrant into the market.
- 15. Profit is maximized when marginal cost equals...
- 17. In the long run in monopolistic competition average revenue is equal to....
- 20. Term used to describe the relationship between firms in an oligopoly. One firm's actions affects the others.
- 21. change in TC/change in Q