3.2- Market Structure: Monopoly

Across

• 1. ... price discrimination is a situation arising in a market whereby a monopoly firm is able to charge each consumer a different price (5, 6)
• 4. ... is a process by which prices in two market segments are equalised by the purchase and resale of products by market participants (9)
• 5. A ... is a firm that must accept whatever price is set in the market as a whole (5, 5)
• 6. A ... is a form of market structure in which there is only one seller of a good or service (8)
• 7. ... efficiency is achieved when society is producing the appropriate bundle of goods and services relative to consumer preferences (10)
• 9. ... efficiency occurs when firms have chosen appropriate combinations of factors of production and produce the maximum possible output from those inputs, thus producing at minimum long-run average cost (10)
• 10. ... efficiency is efficiency at a particular point in time (6)