Across
- 3. An identifying symbol or name for a particular good
- 5. When firms act together to reduce output and keep prices high
- 7. Where all firms earn zero economic profits producing the outlevel of P = MR = MC and P = AC
Down
- 1. A group of firmsthat have a formal agreement to collude to produce the monoply output and sell at the monoploy price
- 2. Removing government controls over setting prices and quantites in cerntain industries
- 4. One firm produces all the output in a market
- 5. A form of legal protection to provent copying
- 6. When new firms enter the industry in response to increased inductry profits