CROSSWORDS- MARKET STRUCTURES-KEY

1
S
U
N
K
2
A C C O U N T I N G
V O
E S
R T
3 4
C A P
O G R
5 6
N I E X P L I C I T
C M C
7 8 9
E P S P E R F E C T M
N L H D A
10
T I U I N A T U R A L
11 12
M P R I C E T A K E R S G
13
O A I D C P R O F I T
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N G T T O R N
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O A I W O L I G O P O L Y A
P M O N M L
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T O T A L R E V E N U E P R I C E S E T T E R
L R N E
Y A A V
18 19 20
T A C I T C A R T E L E
I I O N
21
P O W E R O S U
N S E

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CROSSWORDS- MARKET STRUCTURES-KEY

Across
2. ACCOUNTING profit ; Profit computed using only explicit costs.
6. EXPLICIT—costs; Charges that must be paid for factors of production such as labor and capital.
8. PERFECT—competition; Model of the market based on the assumption that a large number of firms
produce identical goods consumed by a large number of buyers.
10. NATURAL—monopoly; A firm that confronts economies of scale over the entire range of outputs
demanded in its industry.
12. PRICE TAKERS—Individuals or firms who must take the market price as given.
13. PROFIT—The difference between price and average total cost.
15. OLIGOPOLY—Situation in which a market is dominated by a few firms, each of which recognizes that
its own actions will produce a response from its rivals and that those responses will affect it.
16. TOTAL REVENUE—A firm’s output multiplied by the price at which it sells that output.
17. PRICE SETTER—A firm that sets or picks price based on its output decision.
18. TACIT—collusion; An unwritten, unspoken understanding through which firms agree to limit their
competition.
19. CARTEL—Firms that coordinate their activities through overt collusion and by forming collusive
coordinating mechanisms
21. monopoly POWER; The ability to act as a price setter.

Down
1. SUNK COST—An expenditure that has already been made and that cannot be recovered.
2. AVERAGE—revenue; Total revenue divided by quantity
3. CONCENTRATION RATIO—The percentage of output accounted for by the largest firms in an
industry.
4. PRICE DISCRIMINATION—Situation in which a firm charges different prices for the same good or
service to different consumers, even though there is no difference in the cost to the firm of supplying
these consumers.
5. IMPLICIT—A cost that is included in the economic concept of opportunity cost but that is not an
explicit cost.
7. SHUT DOWN—______point; The minimum level of average variable cost, which occurs at the
intersection of the marginal cost curve and the average variable cost curve.
9. MARGINAL REVENUE—The increase in total revenue from a one-unit increase in quantity.
11. MONOPOLY—A firm that that is the only producer of a good or service for which there are no close
substitutes and for which entry by potential rivals is prohibitively difficult.
14. GAME—theory; An analytical approach through which strategic choices can be assessed.
20. LOSS—The amount by which a firm’s total cost exceeds its total revenue.

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