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