Unit 4 - Imperfect Competition

4. A monopoly firm that charges different prices to different segments of its customer base is price _______
5. An agreement among firms in a market about quantities to produce or prices to charge
7. The competitive firm has profits when… P>_____
11. A firm should shut down in the short run if P<______
12. If other firms cannot enter the market, there are ______ to entry
14. If there is potential for profit, firms will ____ the market
15. ______ competition is a market structure that has many small firms, identical products, and price takers
16. A cost that has already been committed and cannot be recovered

1. _______ competition is when there is one seller of a unique product and is a price seeker
2. The perfectly competitive firm is a price ______
3. Market failure where one firm has complete control over the market and destroys competition
6. When you make the best move regardless of what the other player does is a ________ strategy
8. In a ______ there are few large producers, with identical/differentiated products, a high barrier to entry, and are price makers
9. A situation in which economic participants interact with one another each chooses their best strategy given the strategies that all the others have chosen is the ____ equilibrium
10. Oligopolies are price _____
13. ____ capacity is when there is more supply than there is demand