micro chapter 9

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Across
  1. 4. a term that refers to the oligopoly market structure that refers to its use of market power
  2. 7. the term that refers to the oligopoly condition in which an action by one firm may cause a reaction from other firms
  3. 9. the demand curve for a monopolistically competitive firm is less ____ than for a firm in perfect competition
  4. 11. the model for explaining behavior by oligopoly firms in which a dominant firm sets the price for the industry
  5. 12. a firm in monopolistic competition uses ______ which increases its expenses
  6. 13. with product differentiation, the differences may be only ______ by buyers
Down
  1. 1. the process of creating real or apparent differences between goods or services
  2. 2. demonstrates why a competitive oligopoly tends to result in both rivals using a low-price strategy that does not maximize profits
  3. 3. _______ competition uses advertising, packaging, etc. to compete
  4. 5. a firm in monopolistic competition experiences a(n) ________ in its LRAC due to advertising
  5. 6. a group of firms that formally agree to reduce competition by coordinating the price and output
  6. 8. it is the increase in LRAC for a firm in perfect competition, rather than an increase in _________ as in perfect competition, that leads to zero economic profit
  7. 10. a model of the strategic moves and countermoves of rivals that can be used to understand oligopolies