Market Structure Crossword
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Down:
1) A market characterized by or assuming few firms, a product that can be homogeneous or differentiated, and with high entry barriers for other firms.2) An output level and price where there is no wastage. Where the price consumers pay (AR from the perspective of the firm) is the same as the firm's MC.3) When the firm cannot increase output without incurring MC greater than MR nor decrease output without losing profits. It is an output quantity where MR=MC.4) A market characterized by or assuming many firms, a product that is differentiated, and low barriers to entering the market for other firms.9) Total or absolute, e.g. 100% |
Across:
5) Barriers are obstacles that prevent firms from entering an industry, such as high set up costs, high exit costs, specialized knowledge, and the level of capital or knowledge required to compete in a market. (selling vegetables has no barriers, selling oil has high barriers)6) A market characterized by or assuming one firm, a unique product, and high entry barriers for other firms.7) When a firm is making the best use of its resources. Best use is when ATC are at a minimum.8) When an increase in output results in a decrease in TR for the firms, i.e. when MR=0. When PED is unit elastic.10) A market characterized by or assuming very many firms, a homogeneous or undifferentiated product, and no barriers to entering the market for other firms. |
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