Across
- 4. occur when there is only one company that offers a particular good or service in an area
- 8. the granting of a property right by a sovereign authority to an inventor
- 14. a market characterized by a small number of firms who realize they are interdependent in their pricing and output policies
- 16. rules that limit who can enter a business (entry controls) and what prices they may charge (price controls)
- 18. occurs when all companies sell identical products, market share does not influence price, companies are able to enter or exit without barrier, buyers have perfect or full information, and companies cannot determine prices
- 19. the percentage of an industry, or a market's total sales, that is earned by a particular company over a specified time period
- 20. an industry in which many firms offer products or services that are similar (but not perfect) substitutes
- 23. a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary
- 24. an individual or company that must accept prevailing prices in a market, lacking the market share to influence market price on its own
- 25. amounts the business paid or incurred for creating an active trade or business, or investigating the creation or acquisition of an active trade or business
- 26. any economic market that does not meet the rigorous assumptions of a hypothetical perfectly competitive market
- 27. an agreement (written, verbal, or inferred from conduct) among competitors that raises, lowers, or stabilizes prices or competitive terms
Down
- 1. a situation where there is a single seller in the market
- 2. a marketing strategy "in which one firm tries to distinguish its product or service from competing products on the basis of attributes like design and workmanship"
- 3. a way for products and brands to command market share based on consumer preferences
- 5. a product that regardless of what company furnishes the good, consumers regard the product furnished by all the companies as identical
- 6. a formal agreement among firms in an oligopolistic industry
- 7. cost advantages reaped by companies when production becomes efficient
- 9. a market research method that brings together 6-10 people in a room to provide feedback regarding a product, service, concept, or marketing campaign
- 10. An amalgamation or joining of two or more firms into an existing firm or to form a new firm
- 11. statutes developed by the U.S. government to protect consumers from predatory business practices
- 12. the exclusive control of the market supply of a product or service by the government
- 13. factors which prevent or deter the entry of new firms into an industry even when incumbent firms are earning excess profits
- 15. occurs when a single firm controls manufacturing methods necessary to produce a certain product, or has exclusive rights over the technology used to manufacture it
- 17. refers to how different industries are classified and differentiated based on their degree and nature of competition for goods and services
- 21. a company that can dictate the price it charges for its goods because there are no perfect substitutes
- 22. exists in a particular market if a single firm can serve that market at lower cost than any combination of two or more firms