Unit 3 PC

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Across
  1. 4. normal profits equal
  2. 8. firm in long run equilibrium will
  3. 12. market clearing price and quantity
  4. 14. no market power
  5. 16. P < AVC
  6. 17. when total cost are greater than price in short run
  7. 18. at high levels of output this cost is largest
  8. 20. P=MC efficiency
  9. 21. perfect competition maximize profit ? = MC
Down
  1. 1. P x Q
  2. 2. when TR > TC
  3. 3. there are none of these; join if you want
  4. 5. MC is decreasing
  5. 6. # of firms in perfect competition
  6. 7. profit in long run equilibrium
  7. 9. AFC is always
  8. 10. inputs that change with output
  9. 11. price for firm is perfectly _____________
  10. 13. efficiency when P=minimum ATC
  11. 15. in the short run at least one input is
  12. 19. no DWL