(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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differences in a product’s price do not reflect differences in costs of production
The firm(s) in the industry earn economic profits in the long run.
Producing where marginal revenue is negative
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
Price would increase and quantity would decrease.
Experience high barriers to entry.
Perfect price discrimination
The firm would have to lower its price to sell more than 10 units.
less than its price
Demand is equal to marginal cost.
Firms are price takers
Reduction in deadweight loss
Its long run average cost curve is always experiencing economies of scale as output increases
Productively efficient
Marginal revenue is equal to marginal cost, but less than price
The marginal revenue curve is perfectly elastic
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.
Allocatively efficient
in the elastic region of the demand curve
it underproduces output and charges a price above marginal cost
