Across
- 1. If the market price > average costs, them average profit will be ________
- 3. Only one firm selling the product and this firm fears no completition
- 5. Period of time during which all factors are variable
- 7. Is a situation with few firms that sell identical or similar products
- 8. The income a firm generates from seeling its products
Down
- 1. The process of combining inputs to produce outputs
- 2. Period of time during which at least some factors of production are fixed
- 4. An organisation that combines inputs or labour, capital and raw or finsihed materials to produce outputs
- 6. If price is < average cost, then profits will be _______