ECON CH 7

123456789101112131415161718192021222324252627282930313233
Across
  1. 4. to represent as equal or equivalent
  2. 5. requirement forcing a business to reveal information about its products or its operations to the public
  3. 6. increasingly efficient use of personnel, plant, and equipment that lowers the average cost of production as a firm becomes larger
  4. 8. calculation that compares the cost of an action to its benefits
  5. 12. economic products that are consumed collectively, such as highways, national defense, police and fire protection
  6. 13. limited the activity or growth of
  7. 16. existing only in theory; not practical
  8. 21. uncompensated side effects that affect an uninvolved third party
  9. 24. competition based on a product’s appearance, quality, or design, rather than its price
  10. 25. practice of charging different customers different prices for the same product
  11. 27. market structure in which a firm has a monopoly because it owns or controls a manufacturing method, process, or other scientific advantage
  12. 29. market structure in which a firm has a monopoly because of its location or the small size of the market
  13. 31. illegal combinations of corporations or companies organized to suppress competition
  14. 32. 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
  15. 33. 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
Down
  1. 1. 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
  2. 2. uncompensated side effects that either benefit or harm a third party not involved in the activity that caused it
  3. 3. real or imagined differences between competing products in the same industry
  4. 7. process in which a lender reclaims the property due to a lack of payment by the borrower
  5. 9. ruling requiring a company to stop an unfair business practice that reduces or limits competition
  6. 10. market structure having all conditions of pure competition except for identical products; a form of imperfect competition
  7. 11. 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
  8. 14. to support or hold up
  9. 15. monopoly created and/or owned by the government
  10. 17. illegal agreement by firms to charge a uniform price for a product
  11. 18. market structure in which average costs of production are lowest when all output is produced by a single firm
  12. 19. a theoretical market structure that requires three major conditions: very large numbers of buyers and sellers, identical products, and freedom of entry and exit
  13. 20. involvement in a situation to alter the outcome
  14. 22. philosophy that government should not interfere with business activity
  15. 23. legal document that pledges ownership of a home to a lender as security for repayment of borrowed money
  16. 26. market structure characterized by a single producer; form of imperfect competition
  17. 28. illegal agreement among producers to fix prices, limit output, divide markets, or otherwise agree to reduce competition
  18. 30. group of firms producing similar or identical products