Across
- 4. a government-issued right to operate a business
- 5. the removal of government controls over a market
- 8. when two or more companies join to form a single firm
- 10. an illegal agreement among firms to divide the market, set prices, or limit production
- 11. a product, such as petroleum or milk, that is considered the same no matter who produces or sells it
- 13. a license that gives the inventor of a new product the exclusive right to sell it for a specific period of time
- 14. In such a market, every firm producing the same product for about the same price
- 15. a market structure in which many companies sell products that are similar but not identical
Down
- 1. the division of consumers into groups based on how much they will pay for a good
- 2. a market that runs most efficiently when one large firm provides all of the output
- 3. laws that encourage competition in the marketplace
- 6. the expenses a new business must pay before it can begin to produce and sell goods
- 7. an agreement among firms to charge one price for the same good
- 9. a market in which a single seller dominates
- 12. a market structure in which a few large firms dominate a market