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