Across
- 4. factors that make it difficult to enter a market
- 9. the ability to control prices
- 11. the idea that every customer has a maximum price that they would pay
- 15. enables a monopolistically competitive seller to profit from the differences between their product and the competitors
- 17. agreement to illegally set prices and production levels
- 18. also known as perfect competition
- 20. agreement to sell at a similar price
- 21. the government no longer decides what role each company can play
- 22. companies in the same market but their products aren't identical
- 23. a monopoly created by the government
- 24. a market that runs most efficiently when one large firm provides all the output
Down
- 1. Factors that cause costs to drop and production to rise
- 2. expenses that a business must pay before it can begin production
- 3. a product that is considered the same regardless of whoever makes them
- 5. competition for the lowest price
- 6. granting firms the right to operate a business
- 7. gives a company exclusive rights to sell a new good or service
- 8. an agreement among firms to coordinate prices and production
- 10. similar to a cartel
- 12. when a market is dominated by a few firms
- 13. when competitors cut their prices to win business
- 14. local authority gives a single firm rights to sell there goods
- 16. when two companies join to make a single firm
- 19. laws government policies
- 22. a single seller that controls an entire market