The demand curve for a ___________________ firm is perfectly elastic.

A competitive firm should increase output if __________.

___________ is easiest into a purely competitive market.

Entry is easiest into a ________________.

____________ is the market structure wherein there is a unique product.

Monopoly is the market structure wherein there is a ____________.

The AR and MR coincide for a firm in ____________.

The ____ and ____ coincide for a firm in pure competition.

The competitive firm faces a _______________ curve.

perfectly elastic demand 

____________is the same as the price for any firm.

A competitive firm shuts down in the short run when __________.

A _______________shuts down in the short run when TR<TVC.

A firm can continue to operate in the short run as long as its revenue exceeds its __________.

A firm can continue to operate in the short run as long as its _________exceeds its fixed costs.

A ____________will set price in the elastic portion of the demand curve.

A monopolist will set price in the elastic portion of the ___________.

A monopolist must seal off his/her system of ________________ to prevent consumers from reselling the goods they buy.

A ____________ must seal off his/her system of price discrimination to prevent consumers from reselling the goods they buy.

A pure monopolist is a ___________.

Various barriers to entry:

6.     Absolute cost advantages - hyb

Economies of scale are a ________barrier to entry.

Economies of scale are a natural ____________. 

The demand curve facing a monopolist is _____________sloping.

The demand curve facing a __________ is downward sloping.

The ____________facing a monopolist is downward sloping.

Marginal revenue is less than average revenue in a monopoly because....

A pure monopolist will produce in the ________ range of the demand curve.

A ____________ will produce in the elastic range of the demand curve

A pure monopolist will produce in the elastic range of the ___________.

A ___________ has no fixed costs in the long run.

A competitive firm has no _________ in the long run.

A competitive firm has no fixed costs in the ___________.

At long-run equilibrium, a competitive firm earns __________.

At _____________, a competitive firm earns normal profits.

There is an under or over allocation of resources when P>MC.

There is an under allocation of resources when ___________.

A constant industry is one in which....

For an __________________, resource prices increase when production increases due to the entry of new firms.

For an increasing cost industry, resource prices increase or decrease when production increases due to the entry of new firms.

Entry into an increasing-cost industry leads to a rise in _____ and ______.

A competitive firm will operate where P=__________. 

A ______________will operate where P=minimum AC.

An optimal allocation of resources occurs when__________.

In a competitive industry having increasing-costs, the prices of resources fall when the industry _________