Chapter 4 Vocab

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Across
  1. 3. dividing consumers into two or more groups and charging a different price to each group
  2. 4. a market that runs most efficiently when one large firm provides all of the output
  3. 5. agreement by a formal organization of producers to coordinate prices and production
  4. 8. to entry factors that make it difficult for new firms to enter a market
  5. 9. when a company joins with another company or companies to form a single firm
  6. 10. the expenses that a new business must pay before it can begin to produce and sell goods
  7. 14. an agreement among members of an oligopoly to illegally set prices and production levels
  8. 15. companies compete in an open market to sell products that are identical
  9. 21. a product that is considered the same regardless of who makes or sells it
  10. 22. also called perfect competition, is the simples market structure
  11. 23. a market structure that fails to meet the conditions of pure competition
  12. 24. enables a monopolistically competitive seller to profit from the differences between his or her products nadandmpetitiors' products
  13. 25. gives a company exclusive rights to sell a new good or service for a specific period of time
Down
  1. 1. the ability to control prices and total market output
  2. 2. competitors cut their prices very low to win business
  3. 4. competition through ways other than lower prices
  4. 6. the government no longer decides what role each company can play in a market and how much it can charge its customers
  5. 7. government policies that keep firms from controlling price and supply of important goods
  6. 11. a contract issued by a local authority that gives a single firm the right to sell its goods within an exclusive market
  7. 12. a monopoly created by the government
  8. 13. characteristics that cause a producer's average cost to drop as production rises
  9. 16. a business combination similar to a cartel
  10. 17. agreement among firms to sell at the same or very similar prices
  11. 18. a market dominated by a few large, profitable firms
  12. 19. forms when barriers prevent firms from entering a market that has a single supplier
  13. 20. grants firms the right to operate a business