Abby Walwro - Market Structures

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Across
  1. 1. a monopoly that exists because the firm controls a manufacturing method, an invention, or a type of technology
  2. 3. a product that consumers consider identical in all essential features to other products in the same market
  3. 5. a monopoly that exists because there are no other producers or sellers within a certain region
  4. 7. a monopoly that exists because the government either owns and runs the business or authorizes only one producer
  5. 8. something that hinders a business from entering a market
  6. 11. the ideal model of a market economy
  7. 12. controlling business behavior through a set of rules or laws
  8. 13. a situation in which the average cost of production falls as the producer grows larger
  9. 17. a moderated discussion with small groups of consumers
  10. 21. percent total sales in a market
  11. 23. a business that cannot set the prices for its products but, instead, accepts the market price set by the interaction of supply and demand
  12. 24. market structures that lack one of the conditions needed for perfect competition
  13. 25. a group of firms combined for the purpose of reducing competition in an industry
  14. 26. when businesses work together to set the prices of competing products
  15. 27. a market structure in which only a few sellers offer a similar product, is less competitive than monopolistic competition
Down
  1. 2. when competing businesses negotiate to divide up a market
  2. 4. an economic model that allows economists to examine competition among businesses in the same industry
  3. 6. a market structure in which only one seller sells a product for which there are no close substitutes
  4. 9. a business that does not have to consider competitors when setting its prices
  5. 10. many sellers offer similar, but not standardized, products
  6. 14. a formal organization of sellers or producers that agree to act together to set prices and limit output
  7. 15. laws that define monopolies and give government the power to control them and break them up
  8. 16. a market situation in which the costs of production are lowest when only one firm provides output
  9. 18. the expenses that a new business must pay to enter a market and begin selling to consumers
  10. 19. the attempt to distinguish a product from similar products
  11. 20. when one company combines with or purchases another to form a single firm
  12. 22. setting prices below cost so that smaller producers cannot afford to participate in a market