Unit 4 Vocab

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Across
  1. 2. Monopoly output that maximizes total welfare
  2. 5. Firms compete strategically without cooperating
  3. 8. Monopoly that exists because one firm can produce at lower cost
  4. 9. One firm sets the price and others follow
  5. 10. Charging different prices to different consumers
  6. 11. Output level where marginal cost equals marginal revenue
  7. 14. Market dominated by a small number of firms
  8. 16. Marginal cost curve above average variable cost
  9. 17. Situation where no player benefits from changing strategy alone
Down
  1. 1. Where price equals average variable cost
  2. 3. Market controlled by a single firm
  3. 4. Market with many firms selling similar but differentiated products
  4. 6. Game where self interest leads to worse outcomes
  5. 7. Firm that charges each buyer their maximum willingness to pay
  6. 12. Producing at the lowest possible cost
  7. 13. Competing using advertising, quality, or service instead of price
  8. 15. Table showing outcomes of different strategies
  9. 17. Zero economic profit needed to stay in business