Imperfect Markets Crossword Puzzle

QUESTIONS LIST:

• predatory pricing : when an existing firm uses sharp but temporary price cuts to discourage new
• copyright : a form of legal protection to prevent copying, for commercial purposes, original
• deregulation : removing government controls over setting prices and quantities
• natural monopoly : economic conditions in the industry, for example, economies of scale
• patent : a government rule that gives the inventor the exclusive legal right
• sunk cost : cost that cannot be recovered should the firm leave the market.
• profit maximisation : the quantity where mr is equal to mc.
• total cost : the sum of fixed costs and variable costs.
• variable cost : the cost that changes according to the level of production
• economic profit : profit more than normal profit