Chapter 7 Crossword

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Across
  1. 3. a contract that gives a single firm the right to sell its good within an exclusive market
  2. 5. a way to attract customers through style, service, or location but not a lower price
  3. 7. a formal organization of products that agree to coordinate pries and production
  4. 9. When two or more companies join to form a single firm
  5. 11. an illegal agreement among firms to divide the market, set rices, or limit production
  6. 12. a market structure in which a few large firms dominate a market
  7. 13. Pricing selling a product below cost for a short period of time to drive competitors out of the market
  8. 14. factors that cause a producers average cost per unit fall as output rises
  9. 15. laws that encourage competition in the market place
  10. 16. a series of competitive price cut that lowers the market price below cost of production
  11. 17. a license that gives the inventor of a new product the exclusive right to sell it for a specific period of time
  12. 18. a product such as petroleum or milk that is considered the same no matter who produces or sells it
Down
  1. 1. the division of consumers into group based on how much they will pay for a good
  2. 2. any factor that makes it difficult for a new firm to enter a market
  3. 4. a market that runs most efficiently when one large firm supplies all of the output cost
  4. 6. the expenses a new business must pay before it can begin to produce and sell goods
  5. 8. a market structure in which many companies sell products that are similar but not identical
  6. 10. the removal of government controls over a market