Across
- 2. Condition where any of the requirements for a competitive market – usually adequate competition, knowledge of prices and opportunities, mobility of resources, and competitive profits – leads to an inefficient allocation of resources characterized by too much or too little being produced
- 6. market structure characterized by a single producer; form of imperfect competition
- 8. illegal combinations of corporations or companies organized to suppress competition
- 10. Market Structure in which a firm has a monopoly because it owns or controls a manufacturing method, process, or other scientific advantage
- 11. Practice of charging different customers different prices for the same product
- 12. illegal agreement among producers to fix prices, limit output, divide markets, or otherwise agree to reduce competition
- 15. ruling requiring a company to stop an unfair business practice that reduces or limits competition
- 17. uncompensated side effects that either benefit or harm a third party not involved in the activity that caused it
- 19. real or imagined differences between competing products in the same industry
- 20. legal document that pledges ownership of a home to a lender as security for repayment of borrowed money
- 21. process in which a lender reclaims the property due to a lack of payment by the borower
- 22. market structure in which a few large sellers dominate the market and have the ability to affect prices in the industry; form of imperfect competition
- 23. market structure having all conditions of pure competition except for identical products; a form of imperfect competition
Down
- 1. Monopoly created and/or owned by the government
- 3. a theoretical market structure that requires three major conditions: very large numbers of buyers and sellers, identical products, and freedom of entry and exit
- 4. Requirement forcing a business to reveal information about its products or its operations to the public
- 5. uncompensated side effects that affect an uninvolved third party
- 7. illegal agreement by firms to charge a uniform price for a product
- 9. competition based on a product’s appearance, quality, or design, rather than its price
- 13. market classification according to number and size of firms, type of product, and type of competition; nature and degree of competition among firms in the same industry
- 14. Market Structure in which a firm has a monopoly because of its location or the small size of the market
- 16. Theoretical market structure characterized by a large number of well-informed independent buyers and sellers who exchange identical products and have freedom of entry and exit
- 18. Market structure in which average costs of production are lowest when all output is produced by a single firm