Across
- 4. A product such as petroleum or milk, that is considered the same nomatter who produces or sells it.
- 7. The division of consumers into groups based on how much they will pay for a good
- 10. The expenses a new business must pay before it can begin to produce and sell goods.
- 11. A market structure in which a few large firms dominate a market
- 12. series of competitive price cuts that lowers the market price below the costs of production
- 13. Contract that gives a single firm the right to sell its good within an exlusive market.
Down
- 1. Characteristics that cause a producer's average cost to drop as production rises.
- 2. market structure that are similar but not identical
- 3. A way to attract customers through style, service, or location but not a lower price.
- 5. A market that runs most effiently when one large firm supples all of the output
- 6. A license that gives the inventor of a new product the exclusive right to sell it for a specific period of time
- 8. Any factor that makes it difficult for a new firm to enter a market.
- 9. An illegal agreement among firms to divide the market, set prices, or limit production.