This bingo card has 2 images and 22 words: Productively efficient, Allocatively efficient, Reduction in deadweight loss, Have 4 or fewer companies that make a majority of the market, The firm(s) in the industry earn economic profits in the long run., The firm(s) in the industry earn economic profits in the long run., The firm would have to lower its price to sell more than 10 units., less than its price, Its long run average cost curve is always experiencing economies of scale as output increases, it underproduces output and charges a price above marginal cost, in the elastic region of the demand curve, Producing where marginal revenue is negative, Marginal revenue is equal to marginal cost, but less than price, Price would increase and quantity would decrease., Perfect price discrimination, Each consumer is charged the maximum price they are willing to pay, eliminating additional benefit of buying a cheaper price, able to separate consumers into different groups based on demand elasticities, differences in a product’s price do not reflect differences in costs of production, Experience high barriers to entry., Firms are price takers, The marginal revenue curve is perfectly elastic and Demand is equal to marginal cost..
Economics | Macroeconomics | CH 5 - Supply | Economics - Demand Bingo | Supply Bingo
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