monopolisticcompetitionin the shortrunPerfectCompetitionMany smallfirms sellingidenticalproductsEconomiesof ScaleBenefit of costsdecreasing asoutputincreases to alarge amountperfectcompetitionin the shortrunShortRunAt least onefactor ofproduction isfixedtotalcostcurvesProductiveEfficiencyMC=ATCnaturalmonopolyOligopolyA few majorfirms sellingsimilarproductsMCCost peradditionalunit ofoutputMonopolyOnemajorfirmAllocativeEfficiencyP=MCProfitMaximisationMC=MRLongRunAll factors ofproductionare variablecollusiveoligopolydiagramwith profitTCCost of allfactors ofproduction,includingimplicit andexplicitNormalProfitImplicit andexplicit costsare coveredmonopolisticcompetitionin the longrunmonopolydiagramwithoutprofitsTVCCost of allfactors ofproductionthat changewith outputTRPxQATCCost of allfactors ofproductionspread acrossall outputTFCCost of allfactors ofproduction thatdoes notchange withoutputAVCCost of allfactors ofproduction thatchange withoutput spreadout over outputCRxthe amountof marketshare xnumber offirms holdMRRevenueper extraunit ofoutputMonopolisticCompetitionMany smallfirms sellingdifferentiatedproductsRevenueMaximisationMR=0ProfitDifferencebetweentotal costand totalrevenueperfectcompetitionin the longrunAFCCost of all factorsof production thatdo not change withoutput spread outover outputgametheorymonopoly diagramshowing inefficientallocation ofresources forsocietyAbnormalProfitImplicit andexplicit costsareexceeded byrevenuemonopolisticcompetitionin the shortrunPerfectCompetitionMany smallfirms sellingidenticalproductsEconomiesof ScaleBenefit of costsdecreasing asoutputincreases to alarge amountperfectcompetitionin the shortrunShortRunAt least onefactor ofproduction isfixedtotalcostcurvesProductiveEfficiencyMC=ATCnaturalmonopolyOligopolyA few majorfirms sellingsimilarproductsMCCost peradditionalunit ofoutputMonopolyOnemajorfirmAllocativeEfficiencyP=MCProfitMaximisationMC=MRLongRunAll factors ofproductionare variablecollusiveoligopolydiagramwith profitTCCost of allfactors ofproduction,includingimplicit andexplicitNormalProfitImplicit andexplicit costsare coveredmonopolisticcompetitionin the longrunmonopolydiagramwithoutprofitsTVCCost of allfactors ofproductionthat changewith outputTRPxQATCCost of allfactors ofproductionspread acrossall outputTFCCost of allfactors ofproduction thatdoes notchange withoutputAVCCost of allfactors ofproduction thatchange withoutput spreadout over outputCRxthe amountof marketshare xnumber offirms holdMRRevenueper extraunit ofoutputMonopolisticCompetitionMany smallfirms sellingdifferentiatedproductsRevenueMaximisationMR=0ProfitDifferencebetweentotal costand totalrevenueperfectcompetitionin the longrunAFCCost of all factorsof production thatdo not change withoutput spread outover outputgametheorymonopoly diagramshowing inefficientallocation ofresources forsocietyAbnormalProfitImplicit andexplicit costsareexceeded byrevenue

Market Power Bingo - Call List

(Print) Use this randomly generated list as your call list when playing the game. There is no need to say the BINGO column name. Place some kind of mark (like an X, a checkmark, a dot, tally mark, etc) on each cell as you announce it, to keep track. You can also cut out each item, place them in a bag and pull words from the bag.


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  1. monopolistic competition in the short run
  2. Many small firms selling identical products
    Perfect Competition
  3. Benefit of costs decreasing as output increases to a large amount
    Economies of Scale
  4. perfect competition in the short run
  5. At least one factor of production is fixed
    Short Run
  6. total cost curves
  7. MC=ATC
    Productive Efficiency
  8. natural monopoly
  9. A few major firms selling similar products
    Oligopoly
  10. Cost per additional unit of output
    MC
  11. One major firm
    Monopoly
  12. P=MC
    Allocative Efficiency
  13. MC=MR
    Profit Maximisation
  14. All factors of production are variable
    Long Run
  15. collusive oligopoly diagram with profit
  16. Cost of all factors of production, including implicit and explicit
    TC
  17. Implicit and explicit costs are covered
    Normal Profit
  18. monopolistic competition in the long run
  19. monopoly diagram without profits
  20. Cost of all factors of production that change with output
    TVC
  21. PxQ
    TR
  22. Cost of all factors of production spread across all output
    ATC
  23. Cost of all factors of production that does not change with output
    TFC
  24. Cost of all factors of production that change with output spread out over output
    AVC
  25. the amount of market share x number of firms hold
    CRx
  26. Revenue per extra unit of output
    MR
  27. Many small firms selling differentiated products
    Monopolistic Competition
  28. MR=0
    Revenue Maximisation
  29. Difference between total cost and total revenue
    Profit
  30. perfect competition in the long run
  31. Cost of all factors of production that do not change with output spread out over output
    AFC
  32. game theory
  33. monopoly diagram showing inefficient allocation of resources for society
  34. Implicit and explicit costs are exceeded by revenue
    Abnormal Profit