chapter 7

2. the right to sell a good or service within an exclusive market
5. formal organization of producers that agree to coordinate prices and production
6. a product that is the same no matter who produces it
9. market structure in which a few large firms dominate a market
11. license the gives the inventor of a new product the exclusive right to sell it for a certain period of time
12. agreement among firms to divide the market, set prices, or limit production
13. the expenses a firm must pay before it can begin to produce and sell goods
17. division of customers into groups based on how much they will pay for a good
18. combination of two or more companies into a single firm

1. selling a product below cost to drive competitors out of the market
3. any factor that makes it difficult for a new firm to enter a market
4. a series of competitive price cuts that lowers the market price below the cost of production
7. market structure in which many companies sell products that are similar
8. the removal of some government control over a market
10. laws that encourage competition in the marketplace
14. combination of two or more companies into a single firm
15. factors that cause a producers' average cost per unit to fall as output rises
16. Market that rums most efficiently when one large firm supplies all of the output