chapter 7 vocab

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