Ch7 - Crossword Labs

2. A way to attract customers through style, service, or location, but not a lower price.
7. A market that runs most efficiently when one large firm supplies all of the output.
9. Laws that encourage competition in the marketplace.
10. Selling a product below cost for a short period of time to drive competitors out of the market.
12. A contract that gives a single firm the right to sell its goods within an exclusive market.
17. The division of consumers into groups based on how much they will pay for a good.
18. A series of competitive price cuts that lowers the market price below the cost of production.

1. The removal of government controls over a market.
3. A product such as petroleum or milk that is considered the same no matter who produces or sells it.
4. A market structure in which many companies sell products that are similar but not identical.
5. Any factor that makes it difficult for a new firm to enter a market.
6. An illegal agreement among firms to divide the market, set prices, or limit production.
8. Factors that cause a producers average cost per unit to fall as output rises.
11. A license that gives the inventor of a new product the exclusive right to sell it for specific period of time.
13. When two or more companies join to form a single firm.
14. A market structure in which a few large firms dominate a market.
15. A formal organization of producers that agree to coordinate prices and production.
16. The expense of a new business must pay before it can begin to produce and sell goods.