Across
- 7. Firms who "lead" the market, and change their price that follow their rivals
- 8. A monopoly based on an ownership of a specific manufacturing method (patents are usually involved)
- 9. The degree of competition among businesses in the same industry
- 10. A group of firms that produce similar products
- 11. A monopoly owned by the government
- 12. No government involvement in the economy whatsoever
- 13. A monopoly based on the absence of sellers in a particular area
- 15. Where firms work together to set specific prices, rather than compete for consumer interest (illegal)
Down
- 1. Firms that "follow" the market leader in price changes
- 2. Where one large seller dominates an industry
- 3. Firms that have no option but to charge the ruling market price
- 4. A theoretical market structure comprised of large numbers, identical products, and freedom of entry and exit
- 5. All of the factors that comprise pure competition with the addition of perfect knowledge and mobility of resources
- 6. Firms that "make" their own price
- 14. A few large sellers which dominate an industry