Across
- 3. A market structure in which a single producer supplies a unique product that has no close substitutes
- 6. A market structure in which many producers supply an identical product and no single producer can influence its price; in such a market, prices are set by supply and demand
- 7. Goods and services that are used collectively and that no one can be excluded from using; public goods are not provided by markets
- 8. A market structure in which a few firms dominate the market and produce similar or identical goods
Down
- 1. 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. A situation in which the market fails to allocate resources efficiently
- 4. A market structure in which many producers supply similar but varied products
- 5. The organization of a market, based mainly on the degree of competition; there are four basic market structures: perfect competition, monopolistic competition, oligopoly, and monopoly