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1. OLIGOPOLIES CAN PREVENT OTHER FIRMS FROM ENTERING THEIR MARKET BY CREATING __________ TO ENTRY.

4. TOTAL REVENUE IS EQUAL TO PRICE ______TOTAL QUANTITY

5. FIRMS HAVE MARKET POWER WHEN __________ IS GREATER THAN MARGINAL COST

8. TOTAL REVENUE DIVIDED BY OUTPUT DETERMINES THE __________(abbreviation)

9. ANOTHER TERM FOR A PRODUCER IS A _________

11. AN OLIGOPOLY IS AN __________ COMPETITOR

15. EVEN THOUGH AN OLIGOPOLY DOES NOT COLLUDE, IF IT TAKES INTO CONSIDERATION THE EFFECT OF ITS ACTIONS ON OTHERS, IT IS WILLING TO __________ IN THE MARKET

16. OLIGOPOLIES WILL FREQUENTLY COMPETE OVER MARKET SHARE

17. COMPARED TO A PERFECT COMPETITOR, AN OLIGOPOLY WILL PRODUCE LESS ______ AT A HIGHER PRICE

19. WHEN A FIRM TAKES AN ACTION THAT IT CONSIDERS THE BEST RESPONSE TO THE ACTIONS THAT OTHER FIRMS HAVE TAKEN, IT IS REFERRED TO AS A _______ EQUILIBRIUM

20. OLIGOPOLIES ARE NOT LEGALLY ALLOWED TO COLLUDE BUT CAN ENGAGE IN A NONVERBAL TYPE OF COOPERATION CALLED ______ COLLUSION

24. LAWS THAT REGULATE FIRMS WITH MARKET POWER ARE CALLED __________ LAWS

25. AVERAGE TOTAL COST IS EQUAL TO TOTAL COST DIVIDED BY _______________

27. IF A FIRM IS ONE OF THREE OR FOUR DOMINATING COMPANIES IN AN INDUSTRY, IT IS AN ___________

30. IF PRICE FOR A FIRM IS EQUAL TO ____________ COST, THE FIRM WILL HAVE NO ECONOMIC PROFIT.

31. WHEN A FIRM CHARGES A CUSTOMER A DIFFERENT PRICE THAN OTHER CUSTOMERS WITHOUT ANY CHANGES IN ITS COST, IT IS SAID TO PRICE ___________

33. WHEN A FIRM PRODUCES AT AN OUTPUT WHERE MARGINAL REVENUE IS ZERO, IT IS MAXIMIZING _________

35. THE OUTPUT OF A FIRM IS ITS __________

37. IF THE REGULATORS WANTED A FIRM WITH MARKET POWER TO PRODUCE AT A PRICE THAT ALLOWED ONLY NORMAL PROFIT, THEY WOULD ENCOURAGE THE ___________ MARKET PRICE.

38. ANOTHER TERM FOR NET PROFIT WOULD BE NET ______

39. AC TIMES QUANTITY EQUALS ___________

41. AN ORGANIZATION THAT COLLUDES IN THE OIL INDUSTRY IS __________

43. THE ACT OF ILLEGALLY COOPERATING WITH ANOTHER FIRM IN THE SAME MARKET IS CALLED: ___________

45. FOR IMPERFECT COMPETITORS THE MARGINAL REVENUE CURVE IS ________ THE DEMAND CURVE

46. ANOTHER WORD FOR CARTEL IS _________

47. OLIGOPOLIES FREQUENTLY COMPETE WITH EACH OTHER OVER MARKET _________

48. THE ENTITY THAT IS USUALLY HURT THE MOST BY COLLUSION IS THE _____________

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2. A FIRM EXPERIENCES ECONOMIC PROFIT WHEN PRICE IS ABOVE THE __________ (abbreviation)

3. A PLAN OF OPTIONS TO DEAL WITH THE DECISIONS MADE BY COMPETING FIRMS

6. FIRMS WILL TRY TO ____________ THEIR PRODUCTS TO BUILD BRAND LOYALTY.

7. AN ILLEGAL PAYMENT TO A GOVERNMENT OFFICIAL IN ORDER TO GAIN LEGISLATIVE SUPPORT FOR A PRODUCT.

10. A FIRM ADVERTISES TO ___________ ITS PRODUCT

11. LABOR AND MATERIAL ARE ________ COSTS

12. FIRMS WILL ALWAYS PRODUCE IN THE _____________ PORTION OF THEIR DEMAND CURVE.

13. A STRATEGY THAT IS THE BEST OPTION FOR A FIRM, REGARDLESS OF WHAT COMPETITORS DO, IS A ________ STRATEGY

14. TWO COMPETING FIRMS THAT ARE IN EQUILIBRIUM BUT NOT AT A POSITION THAT WOULD GIVE BOTH OF THEM GREATER UTILITY ARE EXPERIENCING A PRISONER'S _______________

18. AN INDUSTRY IS ACHIEVING ALLOCATIVE EFFICIENCY WHEN PRICE IS EQUAL TO MARGINAL _________

21. OF ALL FOUR MARKET STRUCTURES, OLIGOPOLY IS THE ONE WITH THE MOST ___________ AMONG FIRMS

22. ANOTHER TERM FOR PAYOFF IS ___________

23. OVERT PRICE COOPERATION AMONG FIRMS IN AN INDUSTRY IS NOT _____________

26. ONE OBSTACLE TO ENTRY IS ____________ SUPERIORITY.

28. THE STUDY OF INTERDEPENDENT FIRMS' BEHAVIORS IS CALLED _______________

29. ANALYSIS IN GAME THEORY FREQUENTLY INVOLVES THE USE OF A ___________ MATRIX

32. AS LONG AS A FIRM HAS A FIXED COST, IT IS OPERATING IN THE _____________

34. FIRMS THAT PRICE DISCRIMINATE TRY TO MINIMIZE CONSUMER ____________

36. AN INDUSTRY WITH BARRIERS TO ENTRY AND MORE THAN _____ FIRM(S) IS AN OLIGOPOLY.

40. ______ MEETINGS ARE A FORM OF COLLUSION

42. A CARTEL IS DIFFICULT TO MAINTAIN BECAUSE MEMBERS OF THE CARTEL HAVE INCENTIVE TO _______

44. DIVIDING QUANTITY _________ TOTAL COST WILL DETERMINE AVERAGE COST.