Ch.7

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