Chapter 7vocab

2. illegal agreement among firms
4. series of competition price cuts
6. when two or more companies join to form a single firm
7. product such as petroleum or milk that's considered the same no matter who produces or sells it
9. any factor that makes it difficult for a new firm to enter a market
11. market that runs most efficiently when one large firm supplies all the output
14. way to attract customers
15. license that gives the inventor of a new product the exclusive right to sell it for a specific period of time
16. laws that encourage competition in the marketplace
18. removal of government controls over a market

1. market structure in which many companies sell products that're simular but not identical
3. division of consumers into groups based on how much they will pay for a good
5. pricing selling a product below cost for a short period of time to drive competition out of the market
8. contract that gives a single firm the right to sell its goods within an exclusive market
10. formal organization of producers
12. market structure which a few large firms
13. factors that cause a produce average cost per unit to fall as output rises
17. expenses a new business must pay before it can begin to produce and sell goods