2		The perfectly competitive firm will maximize its profit at the quantity level where marginal cost equals ______. (8,7)
5		In perfect competition there are _______ firms selling an identical product. (8)
7		A rate of return that attracts new firms in the industry. (6,6)
12		The marginal revenue curve of a perfectly competitive firm is a ______ curve. (10)
14		In the long run in perfect competition, the price will equal minimum ______. (7,5,4)
16		In monopoly, marginal revenue is typically below the ______ of the product. (5)
18		A firm encounters ______ when the long-run average total cost curve increases as output increases. (12,2,5)
19		The downward-sloping demand curve situation in monopolistic competition is due to the feature called product ______. (15)
22		A group of firms that agree to jointly set both industry price and quantity is called a ______. (6)
24		When a monopoly firm restricts output, a problem called ______ inefficiency results. (10)
26		When an oligopoly firm prices its product(s) unreasonably low in order to discourage new entrants, it is engaging in a practice called ______ pricing. (5)
28		A situation where the long-run average cost curve is horizontal. (8,7,2,5)
29		A game in which any gains within the group are exactly offset by equal losses by the end of the game is called a ______ game. (4,3)
31		A monopoly that exists due to large economies of scale is called a ______ monopoly. (7)
32		When a firm in monopolistic competition produces an output level that falls short of the minimum average cost output level, it is in an excess ______ situation. (8)
33		In perfect competition, the marginal revenue curve equals the firm's ______ curve. (6)
34		The oligopoly pricing model that describes industries where rival firms follow the price set by the dominant firm is called price ______. (10)
35		The perfectly competitive firm should shut down whenever the price falls below minimum ______. (7,8,4)

1		The feature of oligopoly that explains price-war behaviour is called mutual ______. (15)
3		In monopoly, a patent is viewed as a type of barrier to ______. (5)
4		The feature of perfect competition that describes how new firms can come into the industry is called ______. (4,5)
6		The increase in production resulting from the hiring of an additional unit of the variable input. (8,7)
8		A firm encounters ______ when its long-run average total cost curve declines as output increases. (9,2,5)
9		An oligopoly industry is characterized by a ______ firms and barriers to entry. (3)
10		In a natural monopoly situation, marginal cost pricing will lead to ______ economic profits. (8)
11		The time period when at least one input, such as plant size, remains fixed is called the ______. (5,3)
13		An oligopoly strategy that is successful regardless of actions taken by rivals is called a ______ strategy. (8)
15		Costs incurred that are payable to outside parties and that a firm must take account of are called ______. (8,5)
17		In the long-run, a typical firm in monopolistic competition will earn ______ economic profit. (4)
20		Opportunity costs related to the inputs that the firm's owner provides to the firm. (8,5)
21		The rate of return earned by the typical firm in perfect competition in the long run. (6,6)
23		The time period in which all factors of production can be varied. (4,3)
25		An oil-drilling company that merges with an oil-refining company is an example of a ______ merger. (8)
27		The oligopoly model that assumes that rivals will match a price cut but ignore a price increase is called the ______ demand curve theory. (6)
30		A monopolistically competitive industry is characterized by ______ firms and easy entry. (4)