Unit 4 - Imperfect Competition

2. A monopoly firm that charges different prices to different segments of its customer base is price _______
5. In a ____ one firm has complete control over the market and destroys competition
7. An agreement among firms in a market about quantities to produce or prices to charge
8. ______ competition is a market structure that has many small firms, identical products, and price takers
9. When you make the best move regardless of what the other player does is a ________ strategy
13. A cost that has already been committed and cannot be recovered
14. ____ capacity is when there is more supply than there is demand
16. The competitive firm has profits when… P>_____

1. In a ______ there are few large producers, with identical/differentiated products, a high barrier to entry, and are price makers
3. a firm that chooses their price are price _____
4. _______ competition is when there is one seller of a unique product and is a price seeker
6. If other firms cannot enter the market, there are ______ to entry
10. A situation in which economic participants interact with one another they choose their best strategy given the strategies that all the others have chosen is the ____ equilibrium
11. a firm that has to use the price set by the market are price _____
12. A firm should shut down in the short run if P<______
15. If there is potential for profit, firms will ____ the market