Across
- 3. - /Market structure characterized by a single producer; form of imperfect competition
- 6. - /Situation where quantity supplied is greater than quantity demanded at a given price
- 7. Floor - /The lowest legal price that can be paid for a product
- 9. of Scale - /Increasingly efficient use of personnel, plant, and equipment that lowers the average cost of production as a firm becomes larger
- 10. - /Unincorporated business owned and operated by two or more people who share the profits and have unlimited liability for the debts and obligations of the firm
- 11. Competition - /Competition based on a product's appearance, quality, or design, rather than its price
- 13. Liability - /Requirement that an owner is personally and fully responsible for all losses and debts of a business; applies to proprietorships, and general partnerships
Down
- 1. Proprietorship - /Unincorporated business owned and run by a single person who has rights to all profits and unlimited liability for all debts of the firm; most common form of business organization in the United States
- 2. - /Illegal agreement among producers to fix prices, limit output, divide markets, or otherwise agree to reduce competition
- 4. - /Market structure in which a few large sellers dominate the market and have the ability to affect prices in the industry; form of imperfect competition
- 5. Quantity - /Quantity of output supplied that is equal to the quantity demanded at the equilibrium price
- 6. - /Situation where quantity supplied is less than quantity demanded at a given price
- 7. Competition - /Theoretical market structure characterized by a large number of well-informed independent buyers and sellers who exchange identical products and have freedom of entry and exit
- 8. Competition - /Market structure having all conditions of pure competition except for identical products; a form of imperfect competition
- 12. Ceiling - /The highest legal price that can be charged for a product