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Market power crossword

Market power crossword

Let your classes enjoy this revision crossword, perfect for a Friday afternoon or the last week of term.  Students can have fun and learn at the same time with this exercise - answers included.  

Across

4. The minimum a firm needs to make to stay in
business
7. When at least one cost of the business is fixed
9. Examples would be taxis or cafes in Paris
10. Allocative efficiency is reached when price = ?
11. A theory created by John Nash
13. Very competitive market but does it really exist?
15. Created when a monopoly restricts output to raise prices and create abnormal profit
16. Consumers and producers are assumed to act like this
17. Also achieved when a market is allocatively efficient
18. An example might include NASA or national telecommunications companies
20. Just one in the market (theoretically)

Down

1. An example would the car market
2. Sometimes compared to a game of chess, every move made by one firm impacts on another
3. The same as price
5. Also referred to as the unit costs of production
6. The % of the market controlled by the largest firms in the industry
8. Monopolies erect these to prevent competition
12. A company making this will shut down in the long- run
14. Sometimes called super normal profit
19. Total revenue - total cost

Answers:

Across

4. Normal profit
7. Short-run
9. Monopolistic firms
10. Marginal cost
11. Game theory
13. Perfect competition
15. Welfare loss
16. Rational behaviour
17. Community surplus
18. Natural monopoly
20. Monopoly

Down

1. Oligopoly
2. Interdependence
3. AR
5. AC
6. Concentration ratio
8. Barriers to entry
12. Loss
14. Abnormal profit
19. Profit

The crossword is available as a PDF file at:  Crossword

 Crossword answer key