Across
- 3. When two or more activities of firms put together can create greater outcome than the sum of the individual parts.
- 4. A firm that has the power to set its price.
- 9. A factor blocking or disincentivizing a new firm from entering a market.
- 14. Type of goods that are perfect substitutes.
- 16. This occurs when two or more firms join together under common ownership.
- 18. A type of merger occurs when two firms who have no common production interests merge. For example, a merger between Ford and Coca Cola.
- 20. The widening of product range outside current areas of specialism to reduce risk.
- 22. A type of merger between two firms in the same industry at different stages of production. For example, a merger between car manufacturer Ford and tyre manufacturer Michelin.
- 24. A type of collution that is an informal or implicit agreement amongst firms to control the market.
- 25. A type of efficiency that occurs when a firm is on the minimum point of its AC curve.
- 27. A type of efficiency that occurs when a firm produces at P=MC.
- 29. Money earned by a firm for selling its output.
- 30. The change in total costs from producing an additional unit of output.
- 31. A type of efficiency that occurs if it invests in Research and Development (R&D) to innovate and produce new and better products/technologies for consumers.
- 32. Costs that cannot be recovered upon exiting a market.
Down
- 1. This models interdependent firms in a duopoly with a pay-off matrix to recognize rival behaviour, strategies and a best solution.
- 2. When a doubling of inputs leads to a doubling of output.
- 5. Firms experience this when long-run average costs fall as output rises.
- 6. Type of goods that are slightly different from each other either due to physical differences or advertising/branding.
- 7. A firm’s share of the market’s sales or revenue.
- 8. A type of efficiency that occurs when the only way to make one person better off is to make another worse off.
- 10. When a doubling of inputs leads to a more than doubling of output.
- 11. A type of efficiency that occurs when lack of competition leads to costs higher than they would be with competition.
- 12. The difference between revenue and costs.
- 13. Two large firms dominate the market.
- 14. A type of merger is a merger between two firms in the same industry at the same stage of production. For example, a merger between car manufacturers Ford and Audi.
- 15. A type of collution that is a formal agreement (written or verbal) amongst firms to control the market, often by reducing output, raising prices and restricting competition.
- 17. Costs that do not vary with output.
- 19. The minimum scale to fully benefit from economies of scale.
- 21. A type of ratio that measures the combined market share of the largest ‘N’ firms in an industry.
- 23. A system of collusion between producers which exists to further the interests of its members, often by restricting output through the imposition of quotas, leading to a rise in price.
- 26. When AC > AR.
- 27. Type of profit that is greater than normal profit.
- 28. Costs that vary directly with output.