Perfect Market Crossword Puzzle

QUESTIONS LIST:

• fixed costs : the cost that remains the same even if the output changes.
• shutdown point : a point where a firm cannot meet its average variable cost.
• loss minimizing : when average revenue is between the shutdown and break even.
• perfect market : all the goods in this market must be identical.
• market : a mechanism that brings together buyers and sellers of goods and services.
• marginal revenue : the additional revenue earned when sales increase by one more unit.
• competition appeal court : an institution whose main function is to review orders made by the competition tribunal
• economic profit : the profit that the producer receives over and above the normal profit.
• profit maximization : it occurs when a firm produces at the output level at which marginal revenue is equal to marginal cost.
• price taker : the seller who takes price that is determined by the market forces.
• normal profits : minimum profits that will prevent the business from leaving the market.
• mergers : the purchasing of a firm by more than one firm.
• variable costs : costs that change according to the changes in output.
• total revenue : the sum of payments the firm receives from the sale of its output