micro chapter 7

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Across
  1. 2. the condition of the quantity at which profit maximization occurs
  2. 4. a firm in perfect competition can have positive economic profit only in the _________
  3. 8. a firm in perfect competition will ____ when the price drops below the minimum average variable cost
  4. 9. any obstacle that makes it difficult for a new firm to enter a market
  5. 10. the movement from short-run positive economic profit to long-run zero economic profit occurs because of ______ of new firms
  6. 12. classification system that considers number of firms, similarity of products, and ease of entry/exit
  7. 13. in perfect competition, the firm's _____ equals its marginal revenue
Down
  1. 1. profit maximization may be loss _______
  2. 2. change in total revenue from the sale of one additional unit of output
  3. 3. a good/service that is identical regardless of which firm produces it
  4. 5. the marginal revenue, price, demand, etc. curve for a firm in p.c. is a ______ line
  5. 6. a name for a firm in perfect competition because no seller has control over the price at which it sells
  6. 7. a firm in perfect competition earns _______ economic profit in the long-run
  7. 11. When the market structure has a large number of firms, with a homogeneous product, and easy entrance/exit, it is ______ competition