Across
- 1. combination of two or more companies into a single firm
- 4. market dominated by a single seller
- 5. the quantity demanded is greater than the quantity supplied
- 9. large number of firms all produce the same product
- 10. like a cartel, an illegal grouping of companies that discourages competition
- 11. when quantity supplied is not equal to quantity demanded in a market
- 12. when quantity demanded is more than quantity supplied
- 17. formal orginization of producers that agree to coordinate prices and production
- 18. allocating scare goods and services using criteria other than price
- 20. a product that is the same no matter who produces it (milk)
- 21. laws that encourage competition in the marketplace
- 22. agreement among firms to divide the market, set prices, or limit production
- 23. selling a products below cost to drive competitors out of the market
- 24. many companies sell similar but not identical produces
Down
- 2. the point at which quantity demanded and quantity supplied are equal
- 3. the right to sell a good or sevice within an exclusive market
- 6. when quantity supplied is more than quantity demanded
- 7. doesnt meet the conditions of perfect competition
- 8. license gives the inventor of a new product the exclusive right to sell it for a certain period of time
- 11. removal of some government controls over a market
- 13. making a product different from other similar products
- 14. market runs more effectively when one large firm supplies all the output
- 15. government-issued right to operate a business
- 16. few large firms dominate a market
- 19. situation in which quantity supplied is greater than quantity demanded; excess supply