Chapter 4 Economics

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Across
  1. 4. product that is considered the same regardless of who makes or sells it
  2. 8. a large number of firms all produce essentially the same product, and sell the same product for the same price
  3. 11. factors that make it difficult for new firms to enter a market
  4. 12. discrimination based on the idea that each customer has a maximum price that he or she will pay for a good
  5. 13. contract issued by a local authority that gives a single firm the right to sell its goods within an exclusive market
  6. 16. government no longer decides what role each company can play in a market and how much it can charge its customers
  7. 19. set the market price below their costs for the short term to drive competitors out of business
  8. 20. many companies compete in an open market to sell products that are similar but not identical
  9. 22. agreement among members of an oligopoly to illegally set prices and production levels
  10. 23. expenses that a new business must pay before it can begin to produce and sell goods
  11. 24. laws government policies that keep firms from controlling the price and supply of important goods
Down
  1. 1. gives a company exclusive rights to sell a new good or service for a specific period of time
  2. 2. competition a market structure that fails to meet the conditions of pure competition
  3. 3. enables a monopolistically competitive seller to profit from the differences between his or her products and competitors' products
  4. 5. a company joins with another company or companies to form a single firm
  5. 6. grants firms the right to operate a business
  6. 7. monopoly created by the government
  7. 8. war competitors cut their prices very low to win business
  8. 9. power ability to control prices and total market output
  9. 10. market that runs most efficiently when one large firm provides all of the output
  10. 14. barriers prevent firms from entering a market that has a single supplier, have only one seller nut any number of buyers
  11. 15. a market dominated by a few large, profitable firms, imperfect form of monopoly
  12. 17. business combination similar to a cartel
  13. 18. characteristics that causes producer's average cost to drop as production rises
  14. 19. agreement among firms to sell at the same or very similar prices
  15. 21. agreement by a formal organization of producers to coordinate prices and production