Across
- 4. Many firms exist in the market, 4 firms control less than 40%
- 5. Few firms exist in market, 4 largest firms control more than 40% of market shares
- 6. any economic market that does not meet the rigorous assumptions of a hypothetical perfectly competitive market
- 7. price restrictions set in place in a market and enforced by the government
Down
- 1. Allocative efficiency is a state of the economy in which production is aligned with consumer preferences; in particular, every good or service is produced up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of producing.
- 2. In microeconomic theory, productive efficiency is a situation in which the economy or an economic system operating within the constraints of current industrial technology cannot increase production of one good without sacrificing production of another good
- 3. one firm in the market