ch 7

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Across
  1. 3. an illegal agreement among firms to divide the market set prices or limit production
  2. 6. a market that runs most efficiently when one large firm supplies all the output
  3. 9. factors that cause a producers average cost per until to fall as output rises
  4. 11. the expenses a new business must play before it can begin to produce and sell goods
  5. 12. any factor that makes it difficult for a new firm to enter a market
  6. 13. A product such as petroleum or milk that is considered the same no matter who produces out of the market
  7. 16. laws that encourage competition in the marketplace
  8. 18. the division of consumers into groups based on how much they pay for a good
Down
  1. 1. a market structure in which many companies sell products that are similar but not identical
  2. 2. a way to attract customers through style or services or location no lower price
  3. 4. selling a product below cost for a short period of time to drive competitors out of the market
  4. 5. a series of competitive price cuts that lowers the market place below the the cost of production
  5. 7. a market structure in which a few large firms dominate the market
  6. 8. when two or more companies join to form a single firm
  7. 10. a contract that gives a single firm the right to sell its goods within an exclusive market
  8. 14. the removal of government controls over a market
  9. 15. a license that gives the inventor of a new product the exclusive right to sell it for a specific period of time
  10. 17. a formal organization of producers that agree to coordinate prices and production