Economics Crossword Puzzle

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Across
  1. 5. A government issued right to operate a business
  2. 6. A market in which a single seller dominates
  3. 9. A market structure in which a large number of firms all produce the same product and no single seller controls supply or prices: also called perfect competition
  4. 11. A product, such as petroleum or milk, that is considered the same no matter who produces or sells it
  5. 14. The division of consumers into groups based on how much they will pay for a good
  6. 15. A license that gives the inventor of a new product the exclusive right to sell it for a specific period of time
Down
  1. 1. A market that runs most efficiently when one large firm provides all of the output
  2. 2. Any factor that makes it difficult for a new firm to enter a market
  3. 3. The removal of government controls over a market
  4. 4. A market structure in which many companies sell products that are similar but not identical
  5. 7. A market structure in which a few large firms dominate a market
  6. 8. An illegal agreement among firms to divide the market, set prices, or limit production
  7. 10. A way to attract customers through style, service, or location, rather than a lower price
  8. 12. When two or more companies join to form a single firm
  9. 13. The expenses a new business must pay before it can begin to produce and sell goods