Micro U4

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Across
  1. 2. Doubling input gives more than double output
  2. 6. Price ____, charging different consumers different prices for the exact same good
  3. 9. A market with a few large, interdependent firms
  4. 10. A state where neither firm can improve its payoff by changing their strategy
  5. 12. ____ competitive, highly differentiated products, low entry barriers
Down
  1. 1. When firms work together to set price or divide the market
  2. 3. An industry where it is most effective to have one firm produce all products
  3. 4. All firms sell the same product, no long run economic profit
  4. 5. Price where P=MC
  5. 7. A firm with market power to influence its product price
  6. 8. ____ efficient, producing where ATC is at minimum
  7. 11. Always produce where... (ignore =)