Across
- 2. a government issued right to operate a business
- 6. a minimum price for a good or service
- 7. the right to sell a good or service within an exclusive market
- 11. a market that runs most efficiently when one large firm supplies all of the output
- 12. division of customers into groups based on how much they will pay for a good
- 16. the expenses a firm must pay before it can begin to produce and sell goods
- 19. factors that cause a producers average cost per unit to fall as output rises
- 22. a minimum price that an employer can pay a worker for an hour of labor
- 24. a monopoly created by the government
- 25. a price ceiling placed on rent
Down
- 1. a market structure in which a large number of firms all produce the same product
- 3. when quantity demanded is equal to quantity supplied.
- 4. costs of production that affect people who have no control over how much of a good is produced
- 5. making a product different from other similar products
- 8. a sudden shortage of a good
- 9. allocating scarce goods and services using criteria other than price
- 10. when quantity supplied is greater than quantity demanded
- 13. a market structure that does not meet the conditions of perfect competition
- 14. when quantity demanded is greater that quantity supplied
- 15. a maximum price that can be legally charged for a good or service
- 17. any factor that makes it difficult for a new firm to enter a market
- 18. a market in which goods are sold illegally
- 20. the ability of a company to change prices and output like a monopolist
- 21. a license that gives the inventor of a new product the exclusive right to sell it for a certain period of time
- 23. a product that is the same no matter who produces it, such as petroleum, notebook paper, or milk