Chapter 7 Terms + Definitions

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Across
  1. 4. ------- to entry, makes it hard to enter a market
  2. 6. Type of monopoly that exists when the government wither owns or runs the business or authorizes only one producer
  3. 7. This competition occurs when many sellers offer similar, but not standardized, products
  4. 10. Costs that a new business faces when it enters a market
  5. 12. Type of competition that occurs in markets with few sellers or products that are not standardized
  6. 13. one seller of a product and no close substitutes
  7. 14. Type of monopoly that occurs when a firm controls a manufacturing method, invention, or type of technology
  8. 15. Market ----- is a company's total sales in a market
Down
  1. 1. the effort to distinguish a product from similar products
  2. 2. Type of competition that is the ideal model of a market economy
  3. 3. Type of monopoly that occurs when costs of production are lowest with only one producer
  4. 5. Type of monopoly that exists when there are no other producers within a certain region
  5. 8. market structure in which only a few sellers offer a similar product
  6. 9. Product that consumers see as identical regardless of producer
  7. 11. Gives the inventor the exclusive property rights to the invention or process for a certain number of years