Across
- 5. The long-run profit for firms in perfect competition.
- 6. A market structure with many buyers and sellers
- 8. The type of product sold in perfect competition.
- 9. In perfect competition, firms maximize profits where MR = _____.
Down
- 1. The demand curve of an individual firm in perfect competition is ______.
- 2. A situation where firms can enter and exit the market freely.
- 3. Costs that do not vary with output.
- 4. The market outcome is ______, meaning no wasted resources.
- 7. A firm that is a _____ taker in a perfectly competitive market.