Chapter 7 Vocab

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Across
  1. 3. laws that encourage competition in the marketplace
  2. 7. A product that is considered the same no matter who produces or sells it
  3. 9. a way to attract customers through style,service, or location but not a lower price
  4. 12. A formal organization of producers that agree to coordination prices and production
  5. 13. When two or more companies join to form a single firm
  6. 14. Selling a price below cost to drive competition out of the market
  7. 15. Expenses that new businesses have to pay before beginning to produce and sell goods
  8. 16. A market structure in which few large firms dominate a market
  9. 17. an illegal agreement among firms to divide the market, set prices or limit production
  10. 18. A contract that gives a single firm the right to sell its good within an exclusive market
Down
  1. 1. The division of consumers into groups based on how much they will pay for a good
  2. 2. a market that runs most efficiently when one large firm supplies all of the output
  3. 4. Any factor that makes it difficult for a new firm to enter the market
  4. 5. A market structure where many companies sell products that are similar but not identical
  5. 6. a serves of competitive price cuts that lower the market price below the cost of production
  6. 8. A license that give the inventor of a produce the right to sell it for a period of time
  7. 10. Factors that cause a producer's average cost per unit to fall as output rises
  8. 11. the removal of government control over a market