Chapter 7 Vocab Review

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Across
  1. 4. market structure with many well-informed and independent buyers and sellers who exchange identical products
  2. 5. market structure in which a few large sellers dominate the industry
  3. 6. market structure in which one firm has a monopoly in a geographic area
  4. 7. market structure that does not meet all conditions of perfect competition
  5. 8. market structure with a single seller of a particular product
Down
  1. 1. market structure where average costs of production are lowest when a single firm exists
  2. 2. a monopoly owned and operated by the government
  3. 3. monopoly based on a firm's ownership or control of a production method, process, or other scientific advance