Across
- 2. Doubling input gives more than double output
- 6. Price ____, charging different consumers different prices for the exact same good
- 9. A market with a few large, interdependent firms
- 10. A state where neither firm can improve its payoff by changing their strategy
- 12. ____ competitive, highly differentiated products, low entry barriers
Down
- 1. When firms work together to set price or divide the market
- 3. An industry where it is most effective to have one firm produce all products
- 4. All firms sell the same product, no long run economic profit
- 5. Price where P=MC
- 7. A firm with market power to influence its product price
- 8. ____ efficient, producing where ATC is at minimum
- 11. Always produce where... (ignore =)