Across
- 5. Start-up costs are the _____a new business must pay before it can begin to produce and sell goods
- 10. _____ monopoly is a market that runs most efficiently when one large firm provides all of the output
- 11. Price _____ is an agreement among firms to charge one price for the same good
- 12. A government-issued right to operate a business
- 13. Non-price ___ is a way to attract customers through style, service, or location rather than a lower price
- 14. _____ laws encourage competition in the marketplace
- 15. A market in which a single seller dominates
- 16. _____ pricing is selling a product below cost for a short period of time to drive competitors out of the market
- 18. A product, such as petroleum or milk, that is considered the same no matter who produces or sells it
Down
- 1. _____ competition is a market structure in which many companies sell products that are similar but not identical
- 2. price _____ is the division of consumers into groups based on how much they will pay for a good
- 3. The removal of government controls over a market
- 4. When two or more companies join to form a single firm/company
- 6. An illegal agreement among firms to divide the market, set prices, or limit production
- 7. _____ competition is a market structure in which a large number of firms all produce the same product and no single seller controls supply or prices
- 8. Aa license that gives the inventor of a new product the exclusive right to sell it for a specific period of time
- 9. A market structure in which a few large firms dominate a market
- 17. Barriers to ___ is any factor that makes it difficult for a new firm to enter a market