micro chapter 7

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Across
  1. 2. a firm in perfect competition earns _______ economic profit in the long-run
  2. 3. the condition of the quantity at which profit maximization occurs
  3. 5. classification system that considers number of firms, similarity of products, and ease of entry/exit
  4. 9. any obstacle that makes it difficult for a new firm to enter a market
  5. 12. a firm in perfect competition can have positive economic profit only in the _________
  6. 13. profit maximization may be loss _______
  7. 14. a good/service that is identical regardless of which firm produces it
Down
  1. 1. a name for a firm in perfect competition because no seller has control over the price at which it sells
  2. 4. change in total revenue from the sale of one additional unit of output
  3. 6. When the market structure has a large number of firms, with a homogeneous product, and easy entrance/exit, it is ______ competition
  4. 7. the marginal revenue, price, demand, etc. curve for a firm in p.c. is a ______ line
  5. 8. a firm in perfect competition will ____ when the price drops below the minimum average variable cost
  6. 10. the movement from short-run positive economic profit to long-run zero economic profit occurs because of ______ of new firms
  7. 11. in perfect competition, the firm's _____ equals its marginal revenue