Across
- 3. a cost or benefit that arises from production or consumption of a good or service that falls on someone other than the producer or consumer; a spillover or side effect of production or consumption
- 4. a market structure in which many producers supply similar but varied products
- 7. the organization of a market, based mainly on the degree of competition; there are four basic market structures: perfect competition, monopolistic competition, oligopoly, and monopoly
- 8. a market structure in which a few firms dominate the market and produce similar or identical goods
Down
- 1. a situation in which the market fails to allocate resources efficiently
- 2. a market structure in which a single producer supplies a unique product that has no close substitutes
- 5. a market structure in which many producers supply an identical product and no single producer can influence its price; in such a market, prices are set by supply and demand
- 6. goods and services that are used collectively and that no one can be excluded from using; public goods are not provided by markets