Across
- 4. an economic model that allows economists to examine competition amoung businesses in the same industry.
- 5. a business that cannot set the prices for its products but, instead, accepts the market price set by the interaction of supply and demand.
- 7. a market structure in which only a few sellers ofter similar products, less competitive than monopolistic competition.
- 9. a market situation in which the costs of production are lowest when only firm provides output.
- 12. setting prices below cost so that smaller producers cannot afford to participate in a market.
- 14. the ideal model of a market economy.
- 17. many sellers often similar, but not standardized, products.
- 18. a legal registration of an invention or process for a certain number of years.
- 19. a business that does not have to consider competitors when setting prices because its a monopoly.
- 20. laws that define monopolys and give government the power to control them and break them up.
- 21. a formal organization of sellers or producers that agree to act together to set prices and limit output.
- 22. requires businesses to reveal product information to customers.
- 24. percent of total shares in a market.
- 26. occurs when competing businesses negotiate to divide up a market.
- 27. using factors other than low on price to try to convince customers to buy one product rather than the others.
- 28. a group of firms combined for purpose of reducing competition in an industry.
- 29. involves actions taken to reduce or remove government oversight and control of business.
- 30. a market structure in which only one seller sells a product for which there are no close substitutes.
- 31. controlling business behavior through a set of rules.
Down
- 1. a monopoly that exists because the government either owns and runs the business or authorizes only one producer.
- 2. a monopoly that exists because the firm controls a manufacturing method, an invention, or a type of technology.
- 3. market structures that lack one of the conditions needed for perfect competition.
- 5. occurs when businesses work together to set the prices of competing products.
- 6. the attempt to distinguish a product from similar products.
- 8. a ruling that requires a firm to stop an unfair business practice.
- 10. a moderated discussion with small groups of costomers.
- 11. the expenses that a new business must pay to enter a market and begin selling to customers.
- 13. a situation in which the average cost of production falls as the producer grows larger.
- 15. a monopoly that exists because there are no other producers or sellers within a certain region.
- 16. a product that costumers consider identical in all essential features to other products in the same market.
- 23. something that hinders a business from entering a market.
- 25. when one company combines with or purchases another to form a single firm.