Imperfect Markets Crossword Puzzle
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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
