Lesson 7 vocab quiz

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Across
  1. 5. a cost or benefit that arises from production or consumption of a good or service that falls on someone other than the producer or consumer; a spillover or side effect of production or consumption
  2. 6. goods and services that are used collectively and that no one can be excluded from using; public goods are not provided by markets
  3. 7. a market structure in which many producers supply on identical product and no single producer can influence its price; in such markets, prices are set by supply and demand
Down
  1. 1. a market structure in which a single producer supplies a unique product that has no close substitute
  2. 2. a situation in which the market fails to allocate resources effciently
  3. 3. a market structure in which many producers supply similar but varied products
  4. 4. the organization of a market, based mainly on the degree of competition; there are four basic market structure: perfect competition, monopolistic competition, oligopoly, and monopoly