chapter 8 P. 2 Strozier

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Across
  1. 4. Agreement of members of an oligopoly
  2. 6. comp Firms compete on things other than price
  3. 7. efficiency Idea that products are made at the lowest possible cost
  4. 8. theory Punnet square of economics
  5. 11. comp. Not enough comp. among firms
  6. 14. organization Sports leagues
  7. 15. gouging When sellers raise prices for other items higher than what others consider reasonable
  8. 17. power To change the market price of a good or service
  9. 19. Government-issued rights to operate a business
  10. 20. market Served by one firm
Down
  1. 1. monopoly Government gives patents to companies
  2. 2. Single firm that has the right to sell goods in a market
  3. 3. comp Market with many producers and low barriers
  4. 5. comp Easy to start in and everyone sells the same thing
  5. 9. monopoly High start-up cost
  6. 10. leadership One company changes its price so other firms follow
  7. 12. discrimination Charging different customers different prices for the same thing
  8. 13. strategy In game theory the best move for the individual regardless of how others act
  9. 16. entry Short-run profits draw in the new competition
  10. 18. Few large profitable firms