Theme 3

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Across
  1. 2. Land, labour, capital and enterprise. (3 words)
  2. 5. Costs that do not vary with output. (1 word)
  3. 7. The difference between what a consumer is willing to pay and able to pay. (2 words)
  4. 9. When a firm splits into two or more independent businesses. (1 word)
  5. 12. When AR>ATC and normal profit is exceeded. (2 words)
  6. 13. This occurs when marginal revenue equals marginal costs. (2 words)
  7. 15. One of the advantages of a conglomerate merger. (1 word)
Down
  1. 1. Change in total revenue as a result of selling one more unit of output. (2 words)
  2. 3. This happens when the agent makes decisions for the principal, but is inclined to act in their own interests. (3 words)
  3. 4. When an increase in a firms size leads to costs starting to rise. (3 words)
  4. 6. 1+1=3. (1 word)
  5. 8. Costs which vary with output. (1 word)
  6. 10. A merger that involves a firm integrating with another firm in the same industry but at a stage of production closer to the consumer. (2 words)
  7. 11. Joining another company in the same industry and stage of production. (2 words)
  8. 14. Making enough profit to keep shareholders happy. (1 word)