Across
- 6. requirement forcing a business to reveal information about its products to the public
- 7. market structure characterized by a single producer; form of imperfect competition
- 11. a theoretical market structure with very large numbers of buyers and sellers, identical products, and freedom of entry and exit
- 12. market structure in which a few large sellers dominate and have the ability to affect price
- 18. process in which a lender reclaims the property due to a lack of payment by the borrower
- 21. condition that leads to an inefficient allocation of resources characterized by too much or too little being produced
- 22. ____________ competition is another name for pure competition
- 23. illegal agreement by firms to charge a uniform price for a product
- 25. illegal agreement among producers to fix prices, limit output, or divide markets
Down
- 1. economic products that are paid for and consumed collectively, such as highways, national defense, police and fire protection
- 2. ruling requiring a company to stop an unfair business practice that reduces or limits competition
- 3. illegal combination of corporations or companies organized to suppress competition
- 4. monopoly market structure in which a firm has a monopoly because it owns or controls a manufacturing method, process, or other scientific advantage
- 5. uncompensated side effects that affect an uninvolved third party in a harmful way
- 8. real or imagined differences between competing products in the same industry
- 9. competition based on a product’s appearance, quality, or design, rather than its price
- 10. uncompensated side effects that either benefit or harm a third party not involved in the activity that caused it
- 13. monopoly created and/or owned by the government
- 14. an economic analysis calculation that compares the cost of an action to its benefits
- 15. monopoly market structure in which a firm has a monopoly because of its location or the small size of the market
- 16. monopoly market structure in which average costs of production are lowest when all output is produced by a single firm
- 17. market structure having all conditions of pure competition except for identical products
- 19. practice of charging different customers different prices for the same product
- 20. legal document that pledges ownership of a home to a lender as security for repayment of borrowed money
- 24. increasingly efficient use of personnel, plant, and equipment as a firm becomes larger