Economics Chapter 7 Vocab

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Across
  1. 3. market structure having all conditions of pure competition except for identical products; a form of imperfect competition
  2. 5. ruling requiring a company to stop an unfair business practice that reduces or limits competition
  3. 7. real or imagined differences between competing products in the same industry
  4. 8. economic products that are consumed collectively, such as highways, national defense, police and fire protection
  5. 12. illegal agreement among producers to fix prices, limit output, divide markets, or otherwise agree to reduce competition
  6. 14. competition based on a product’s appearance, quality, or design, rather than its price
  7. 15. requirement forcing a business to reveal information about its products or its operations to the public
  8. 16. market structure characterized by a single producer; form of imperfect competition
  9. 20. 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. 21. uncompensated side effects that affect an uninvolved third party
  11. 22. calculation that compares the cost of an action to its benefits
Down
  1. 1. practice of charging different customers different prices for the same product
  2. 2. to represent as equal or equivalent
  3. 4. legal document that pledges ownership of a home to a lender as security for repayment of borrowed money
  4. 6. process in which a lender reclaims the property due to a lack of payment by the borrower
  5. 9. group of firms producing similar or identical products
  6. 10. 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
  7. 11. a theoretical market structure that requires three major conditions: very large numbers of buyers and sellers, identical products, and freedom of entry and exit
  8. 13. philosophy that government should not interfere with business activity
  9. 17. 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
  10. 18. illegal agreement by firms to charge a uniform price for a product
  11. 19. illegal combinations of corporations or companies organized to suppress competition