Market structures

3. In perfect competition all firms make ___________ profits in the long run.
5. The airline industry in the Caribbean has charactristics of an _____________
7. the demand curve for a perfectly competitive firm is perfectly ___________
10. In monopolistic competition, firms tend to produce a ____________ product through branding, advertising and packaging.
12. the demand curve for the monopolist is steeper and therefore more _______than a monopolistic firm
13. monopolists can be referred to as ______ since they are able to charge their own prices
15. Cable me and Cable you are operating in a market proving cable services.his type of market structure is a ___________
16. this acts as a barrier to entry since this allows owners of an invention/intellectual property to prevent any unauthorized usage

1. where MR=MC is called the _______ point
2. this type of structure has many buyers and ONE seller seller with a unique product
4. Prices tend to be ___________ in market structures with high level of competition
6. whenever average cost is higher than average revenue,the firm incurs a ________
8. firms in an oligopoly may choose not to compete and form a __________
9. the main reason why monoplies are successful is that the market has significant _________ meaning its difficult to enter
11. In a monopoly ,there are _______ barriers to entry
14. the firms in perfect competition can be referred to as ________ since they must accept the ongoing market price