Chapter 7 Vocab

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