Chapter 7 Vocabulary Crossword

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Across
  1. 2. Condition where any of the requirements for a competitive market – usually adequate competition, knowledge of prices and opportunities, mobility of resources, and competitive profits – leads to an inefficient allocation of resources characterized by too much or too little being produced
  2. 6. market structure characterized by a single producer; form of imperfect competition
  3. 8. illegal combinations of corporations or companies organized to suppress competition
  4. 10. Market Structure in which a firm has a monopoly because it owns or controls a manufacturing method, process, or other scientific advantage
  5. 11. Practice of charging different customers different prices for the same product
  6. 12. illegal agreement among producers to fix prices, limit output, divide markets, or otherwise agree to reduce competition
  7. 15. ruling requiring a company to stop an unfair business practice that reduces or limits competition
  8. 17. uncompensated side effects that either benefit or harm a third party not involved in the activity that caused it
  9. 19. real or imagined differences between competing products in the same industry
  10. 20. legal document that pledges ownership of a home to a lender as security for repayment of borrowed money
  11. 21. process in which a lender reclaims the property due to a lack of payment by the borower
  12. 22. market structure in which a few large sellers dominate the market and have the ability to affect prices in the industry; form of imperfect competition
  13. 23. market structure having all conditions of pure competition except for identical products; a form of imperfect competition
Down
  1. 1. Monopoly created and/or owned by the government
  2. 3. a theoretical market structure that requires three major conditions: very large numbers of buyers and sellers, identical products, and freedom of entry and exit
  3. 4. Requirement forcing a business to reveal information about its products or its operations to the public
  4. 5. uncompensated side effects that affect an uninvolved third party
  5. 7. illegal agreement by firms to charge a uniform price for a product
  6. 9. competition based on a product’s appearance, quality, or design, rather than its price
  7. 13. market classification according to number and size of firms, type of product, and type of competition; nature and degree of competition among firms in the same industry
  8. 14. Market Structure in which a firm has a monopoly because of its location or the small size of the market
  9. 16. Theoretical market structure characterized by a large number of well-informed independent buyers and sellers who exchange identical products and have freedom of entry and exit
  10. 18. Market structure in which average costs of production are lowest when all output is produced by a single firm