AP Micro Vocab Puzzle (Home)

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Across
  1. 4. Sellers that set the price of a good
  2. 6. The profit of each firm depends on the actions of the other firms in the market
  3. 8. When firms produce less than the output at which average total cost is minimized; characteristic of monopolistically competitive firms
  4. 12. A pattern of behavior in which one firm sets its price and other firms in the industry follow
  5. 15. Laws placed by the government to break up monopolies
  6. 16. When the mix of goods being produced represents the mix that society most desires. Price=MC
  7. 18. Occurs in markets that have few sellers or products that are not standardized. Does not meet the conditions of perfect competition.
  8. 20. Price signals which determines allocation of resources through interaction of supply and demand
  9. 21. In game theory, the reward received by a player (for example, the profit earned by an oligopolist).
  10. 22. In game theory, an action that is a player's best action regardless of the action taken by the other player
  11. 23. A monopoly that exists when increasing returns to scale provide a large cost advantage to having all output produced by a single firm
  12. 24. The benefit obtained from consuming goods and services
  13. 25. The decision which determines the future strategy of a firm
Down
  1. 1. A market structure in which many competing firms sell differentiated products. Free entry and exit into the market in the long run.
  2. 2. Not controlled by any rule or law.
  3. 3. Used in order to increase profits and overall outputs
  4. 5. The ability to raise and maintain price above the price that would exist under competition
  5. 7. Price restrictions set in market
  6. 9. An industry with only a small number of producers
  7. 10. Not achieving maximum productivity
  8. 11. The production of any particular good in the least costly way. Price=ATC
  9. 13. Profit maximization; strategy to find ideal outcome
  10. 14. Cooperation among producers, without a formal agreement, to limit production and raise prices so as to raise one another's profits
  11. 17. Products that are different from one firm to another
  12. 19. The study of behavior in situations of interdependence. Used to explain the behavior of an oligopoly.