Across
- 4. A monopoly firm that charges different prices to different segments of its customer base is price _______
- 5. An agreement among firms in a market about quantities to produce or prices to charge
- 7. The competitive firm has profits when… P>_____
- 11. A firm should shut down in the short run if P<______
- 12. If other firms cannot enter the market, there are ______ to entry
- 14. If there is potential for profit, firms will ____ the market
- 15. ______ competition is a market structure that has many small firms, identical products, and price takers
- 16. A cost that has already been committed and cannot be recovered
Down
- 1. _______ competition is when there is one seller of a unique product and is a price seeker
- 2. The perfectly competitive firm is a price ______
- 3. Market failure where one firm has complete control over the market and destroys competition
- 6. When you make the best move regardless of what the other player does is a ________ strategy
- 8. In a ______ there are few large producers, with identical/differentiated products, a high barrier to entry, and are price makers
- 9. A situation in which economic participants interact with one another each chooses their best strategy given the strategies that all the others have chosen is the ____ equilibrium
- 10. Oligopolies are price _____
- 13. ____ capacity is when there is more supply than there is demand