Microeconomics

2. A lump sum ___ does not change output or MC
6. in oligopolies firms combine or ________
8. In a monopolistcally _________ firm the profit maximizing point is MR=MC
9. a _____ seller monopoly is one firm controlling entire market
10. marginal ______ is the additional cost of producing one extra unit of a good or service
12. if it's hard for a firm to join a market there are high ______ to entry
14. The _______ optimal price is P=MC
15. natural resources used in producing goods and services

1. negative or positive ________ create a benefit for society or hurt society
3. Price * Quantity
4. ______ is a marketing method used to increase demand and make market demand more elastic
5. The ______ sector is the part of the economy that is primarily controlled by the government
7. _________ taxes take a larger percent of income from higher income groups
11. tools, machine and places used to produce a good or service
13. economy type in which the government planners make the most of the choices for the economy and answer the basic questions of what to produce, how to produce, and for whom to produce