Across
- 2. Monopoly output that maximizes total welfare
- 5. Firms compete strategically without cooperating
- 8. Monopoly that exists because one firm can produce at lower cost
- 9. One firm sets the price and others follow
- 10. Charging different prices to different consumers
- 11. Output level where marginal cost equals marginal revenue
- 14. Market dominated by a small number of firms
- 16. Marginal cost curve above average variable cost
- 17. Situation where no player benefits from changing strategy alone
Down
- 1. Where price equals average variable cost
- 3. Market controlled by a single firm
- 4. Market with many firms selling similar but differentiated products
- 6. Game where self interest leads to worse outcomes
- 7. Firm that charges each buyer their maximum willingness to pay
- 12. Producing at the lowest possible cost
- 13. Competing using advertising, quality, or service instead of price
- 15. Table showing outcomes of different strategies
- 17. Zero economic profit needed to stay in business