micro chapter 8

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Across
  1. 3. the demand curve for a monopoly is ______ sloping because it must lower its price in order to sell more
  2. 5. in a monopoly, the ______ curve always falls below the demand curve on the graph
  3. 6. a single seller
  4. 7. in a natural monopoly, the one firm can produce the product ______ than any two or more firms could produce it
  5. 8. the practice of earning a profit by buying a good at a low price and reselling it at a higher price
  6. 9. a monopoly market means that entry of new firms is _______
  7. 12. an industry in which the long-run average cost of production declines throughout the entire market is a _______ monopoly
  8. 13. for a natural economy, _____ of scale occur throughout the possible production level
  9. 15. contrary to what might seem intuitively obvious, a monopolist can sustain a ______ in the short-run
Down
  1. 1. a monopolist produces less output and charges a ______ price than would a firm in perfect competition
  2. 2. unlike perfect competition, a monopolist can sustain a positive economic _____ even in the long-run
  3. 3. the practice of a seller charging different prices for the same product when cot differences do not justify this is called price ______
  4. 4. in contrast to a firm in perfect competition, a monopoly is called a _______
  5. 10. a firm in perfect competition is resource allocative efficient because it produces a quantity where _____
  6. 11. ______ to entry is the reason that a monopolist can have positive economic profit in the long-run
  7. 14. the monopolist always maximizes profit by producing at a price on the ______ segment of its demand curve