Across
- 3. this kind of power doesn’t exist in perfect competition
- 6. example of a barrier to entry
- 9. this curve is flat when it equals MC
- 10. economists include these costs
- 12. when marginal product of labour is decreasing, it’s
- 13. firms in perfect competition are price
- 15. MC=P=AVC is the point of
Down
- 1. these kinds of economic profits are not possible in perfect competition
- 2. costs that do not vary with output are
- 4. a firm’s inability to fully utilize its resources
- 5. in perfect competition, products are not
- 7. the demand curve of perfect competition is perfectly
- 8. TC-TFC equals
- 11. these kinds of costs should not be considered when moving forward
- 14. example firm used in class about marginal product of labour