Perfect Competition

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Across
  1. 2. number of barriers to entry and exit that exist in a perfectly competitive market
  2. 5. what a firm earns in the short-run if at the quantity of output price is less that ATC but more than AVC
  3. 7. number of firms possible in a perfectly competitive market
  4. 9. quantity where MC=MR
  5. 10. efficiency where society gets the amount of output it wants (P=MC)
  6. 12. what a firm earns in the short-run if at the quantity of output price is above ATC
  7. 13. type of tax that will change AFC and ATC
Down
  1. 1. efficiency where firms pay the least to make their output (P=minATC)
  2. 3. curve that is the firms SR supply curve for all quantities above AVC
  3. 4. industry where as new firms enter costs do not change
  4. 6. industry where as new firms enter costs go up
  5. 8. what a firm should do if price (at the quantity of output) is less than AVC
  6. 9. type of tax that will cause MC, ATC and AVC to change and thus change the quantity of output
  7. 11. type of product made by perfectly competitive firms