Across
- 3. utilities (water/power grids), national postal services, patent-protected pharmaceuticals, and historically, Standard Oil or AT&T.
- 6. is a theoretical market structure featuring many small firms selling identical products, with no barriers to entry and perfect information
- 7. national defense, street lighting, clean air, public parks, lighthouse services, law enforcement, and basic knowledge/public information
- 8. a state of limited competition, in which a market is shared by a small number of producers or sellers.
Down
- 1. an unintended cost or benefit imposed on a third party not directly involved in an economic transaction or activity
- 2. occurs when the free market fails to allocate resources efficiently, leading to a net loss of economic value and suboptimal societal outcomes.
- 4. a market structure with many small firms selling similar but differentiated products (e.g., restaurants, clothing), allowing them some price-setting power.
- 5. defines the organizational characteristics of a market—such as the number of buyers/sellers, product differentiation, and entry barriers—that determine how firms compete, set prices, and operate.