Question 61 (40 points) Saved From the list on your right select the letter that contains the word, phrase, name, etc that best matches the word, phrase, name, etc listed on the left. 1. Normal profit 2. =%. where L = labor and assuming labor is tha variable input used in production A monopolist which doesn't - engage in perfect price discrimination 3. AVCis falling (P-AC)xQ =0 4. Firm produces an output level at which P = MC Mutual interdependence is a 5. P MR For a firm in a perfectly competitive market shut down occurs when 9. Oligopoly 10. Assumption of the kinked demand curve theory of Marginal Cost oligopoly = Ina monopolistically competitive market 11. MC s rising 12. Natural monopoly Firms follow price cuts but not price increases 13. Asingle firm in the market which can charge whatever price it wants to maximize profit The MC curve lies below the AVC curve 14. Horizontal for a perfectly competitive market = { { { { { { { { { { o0 15. - AQ AL