Economics

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Across
  1. 2. The expenses that a new business must pay before it can begin to produce and sell goods
  2. 4. An agreement among firms to sell at the same or very similar prices
  3. 8. A business combination similar to a cartel
  4. 11. Factors that make it difficult for new firms to enter a market
  5. 14. Contract issued by a local authority that gives a single firm the right to sell its goods within an exclusive market
  6. 15. Perfect competition
  7. 16. A company joins with another company or companies to form a single firm
  8. 17. Skeptical about most claims of predatory pricing, predator loses money each time it drives an endless series or rivals out of business
  9. 19. A market dominated by a few large, profitable firms
  10. 20. When competitors cut their prices very low to win business
  11. 21. Granting firms the right to operate a business, especially where scarce resources are involved
  12. 22. A market that runs most efficiently when one large firm provides all of the output
  13. 24. A monopoly created by the government
  14. 26. Enables a monopolistically competitive seller to profit from the differences between his or her products and competitors' products
  15. 27. An agreement among members of an oligopoly to illegally set prices and production levels
Down
  1. 1. The ability to control prices and total market output
  2. 3. Based on the idea that each customer has a maximum price that he or she will pay for a good
  3. 5. Many companies compete in an open market to sell products that are similar but not identical
  4. 6. A market structure that fails to meet the conditions of pure competition
  5. 7. Competition through ways other than lower prices
  6. 9. An agreement by a formal organization of producers to coordinate prices and production
  7. 10. A product that is considered the same regardless of who makes or sells it
  8. 12. If a firm controls a large share of a market, watch the firm
  9. 13. Characteristics that cause a producer's average cost to drop as production rises
  10. 18. Government no longer decides what role each company can play in a market and how much it can charge its customers
  11. 23. Gives a company exclusive rights to sell a new good or service for a specific period of time
  12. 25. Forms when barriers prevent firms from entering a market that has a single supplier