ECON 201

1. if firms are suffering losses, some firms will ___ in the long run.
3. a competitive firm will produce in the short run as long as price exceeds this cost
6. costs that change with the quantity
8. profit in the long run for competitive firms
9. a firm operating in a monopoly market is a price ____.
11. market structure where firms engage in strategic behavior
13. the change in total cost divided by the change in quantity
14. type of monopoly where ATC is falling as quantity increases
15. for monopolistically competitive firms, marginal revenue is ____ than price.
16. monopolies cause a deadweight loss because they restrict the ____.

2. costs included in the calculation of economic profit
4. a group of firms acting together
5. a strategy that is best to play in all situations
7. government policies designed to limit market power and increase competition
10. firms acting in unison to set price or quantity
12. competitive firms can maximize profit by producing where ___ equals marginal cost
14. game theory equilibrium where no player has an incentive to deviate from their strategy
17. firms will earn a profit if price is greater than this cost.