Market Structure

2. A license that gives the inventor of a new product the exclusive right to sell it for a certain period of time
4. The expenses a firm must pay before it can begin to produce and sell goods
5. A product that is the same no matter who produces it, such as petroleum, notebook paper, or milk
7. A market dominated by a single seller
8. Factors that cause a producer's average cost per unit to fall as output rises
9. A series of competitive price cuts that lowers the market price below the cost of production
12. A market structure in which many companies sell products that are similar but not identical
15. The right to sell a good or service within an exclusive market
17. A market that runs most efficiently when one large firm supplies all of the output
20. A market structure in which a few large firms dominate a market

1. A way to attract customers through style, service, or location, but not a lower price
3. The ability of a company to change prices and output like a monopolist
6. A market structure in which a large number of firms all produce the same product
10. A monopoly created by the government
11. Making a product different from other similar products
13. Division of customers into groups based on how much they will pay for a good
14. A market structure that doesn't meet the conditions of perfect competition
16. Any factor that makes it difficult for a new firm to enter a market
18. A government issued right to operate a business
19. An agreement among firms to divide the market, set prices, or limit production