Market Structures and Market Failures

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Across
  1. 4. a market structure in which a single producer supplies a unique product that has no close substitutes
  2. 5. a combination of firms
  3. 11. a product that can set a price for a product, rather than accepting the market price
  4. 13. a market structure in which many producers supply an identical product and no single producer can influence its price
  5. 15. legislation designed to limit the formation of monopolies or combinations of firms that act to restrict competition
  6. 16. the time and money consumers spend shopping for the best product at the best price
  7. 17. a contract issued by a government entity that gives a firm the sole right to provide a good or service in a certain area
Down
  1. 1. the greater efficiency and cost savings that result from large scale or mass production
  2. 2. a market controlled by a single firm for reasons of efficiency
  3. 3. a legal permit to operate a business or enter a market
  4. 6. the organization of a market, based mainly on the degree of competition
  5. 7. the initial expense of launching a business
  6. 8. any market structure in which producers have some control over the price of their products
  7. 9. the ability of producers to influence prices
  8. 10. an obstacle that can restrict a producer's access to a market and limit competition
  9. 12. a product that is exactly the same no matter who produces it
  10. 14. a producer that has no influence over the price of a product