Economics Standard 21 Vocabulary

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Across
  1. 1. A market structure in which a single seller controls the entire market supply of a good or service, with no close substitutes.
  2. 3. ________ Competition: A market structure with many sellers offering similar but not identical products, where each firm has some control over price.
  3. 6. The ability of a firm to influence or control the price and output of a product in a market.
  4. 7. Obstacles that make it difficult for new firms to enter a market, such as high startup costs or strict regulations.
  5. 9. A firm that must accept the market price for its product because it cannot influence the price; common in perfect competition.
  6. 10. ________ Competition: Competing with other businesses based on product quality, service, or marketing rather than price (common in monopolistic competition).
Down
  1. 2. A market dominated by a small number of large firms, where each business has significant market power and can affect prices.
  2. 4. ________ Competition: A theoretical market structure with many buyers and sellers, identical products, no barriers to entry, and no control over price by individual firms.
  3. 5. A firm that can influence the price of its product, typically found in monopoly and oligopoly markets.
  4. 8. A strategy where firms make their products seem different from competitors’ through branding, quality, or features.