Across
- 2. Sellers engage in this when they charge different prices to different consumers for the same good.
- 5. In a perfect competition model, firms rely on the market for pricing and are known as ________.
- 6. In order to maximize profits, perfectly competitive firms sell where MR and ________ intersect.
- 7. In perfect competition, where P=ATC, the firm is __________.
- 8. In Monopoly and Oligopoly, these are high, in Perfect Competition and Monopolistic Competition they are low.
- 12. competition: A market structure in which there is a large number of firms, each having a small portion of the market share and slightly differentiated products. There are close substitutes for the product of any given firm, so competitors have slight control over price.
- 13. In perfect competition, where P>ATC, the firm is __________.
- 14. a type of monopoly that exists typically due to the high start-up costs or powerful economies of scale.
- 15. An industry structure where a single firm produces a product for which there are no close substitutes. Price makers.
Down
- 1. In perfect competition, the MC curve will take on this “copywritten” swoosh.
- 2. competition: An industry structure in which there are many firms, none large enough to influence the industry, producing homogeneous products.
- 3. When the market price is below the minimum average variable cost, the perfectly competitive firm should:
- 4. AVC stands for this _______ cost.
- 9. Marginal cost and Price and demand are equal to this in perfect competition
- 10. An industry structure in which there are a few firms producing products that range from slightly differentiated to highly differentiated. Each firm is large enough to influence the industry.
- 11. In perfect competition, where P<ATC, the firm is __________.