Lesson 4 Economics

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Across
  1. 3. Market that runs most efficiently when one large firms provides all the output
  2. 5. An agreement by a formal organization of producers to coordinate prices and production
  3. 7. Divide consumers into two or more groups and charge a different price to each group
  4. 8. Enables a monopolistically competitive seller to profit from the differences between his or her products and competitors products
  5. 14. Predator loses money each time it drives an endless series of rivals out of business
  6. 16. Grants firms the right to operate a business
  7. 18. When competitors cut their prices very low to win business
  8. 19. A business combination similar to cartel
  9. 20. Ability to control prices and total market output
  10. 24. Expenses that a new business must pay before it can begin to produce and sell goods
  11. 26. Gives a company exclusive rights to sell a new good or service for a specific period of time
  12. 27. Monopoly created by the government
Down
  1. 1. Holds a monopoly over its own particular product design
  2. 2. Simplest market structure
  3. 4. Refers to an agreement among members of an oligopoly to illegally set prices and production levels
  4. 6. Competition through ways other than lower prices
  5. 9. The government no longer decides what role each company can play in a market and how much it can charge its customers
  6. 10. Characteristics that cause a producer's average cost to drop as production rises
  7. 11. forms when barriers prevent firms from entering a market that has a single supplier
  8. 12. Market structure fails to meet the conditions of pure competition
  9. 13. Contract issued by a local authority that gives a single firm the right to sell its goods within an exclusive market
  10. 15. Factors that make it difficult for new firms to enter
  11. 17. Occurs when a company joins with another company to form a single firm
  12. 21. If a firm controls a large share of a market, the firm will be watched closely
  13. 22. Describes a market dominated by a few large, profitable firms
  14. 23. Product that is considered the same no matter who makes or sells it
  15. 25. An agreement among firms to sell at the same or very similar prices