Economics Unit 2

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Across
  1. 4. A market structure where many sellers offer differentiated products and barriers to entry are low.
  2. 6. Competing with rival firms primarily by lowering prices and offering promotional discounts to attract buyers.
  3. 9. Competing with rival firms using advertising, product quality, special features, or customer service rather than price.
  4. 10. The amount of a good or service that producers are willing and able to offer for sale at various prices.
  5. 14. A legally established maximum price set below equilibrium (such as rent control) that often causes a shortage.
  6. 16. The extra revenue generated from producing and selling one additional unit of output.
  7. 17. A legally established minimum price set above equilibrium, which typically creates an excess supply.
  8. 21. A market structure dominated by only a few large, powerful, and interdependent firms.
Down
  1. 1. Distinguishing a product from competitors’ offerings through nonprice factors such as quality, branding, or special features.
  2. 2. A type of monopoly that exists because physical isolation or distance leaves consumers with only one local seller, such as a remote highway gas station
  3. 3. Government laws and regulations designed to prevent monopolies, stop collusion, and protect competitive markets.
  4. 5. A market structure with many sellers offering identical products where individual firms have no price-setting power.
  5. 7. The market-clearing state where quantity demanded equals quantity supplied.
  6. 8. A condition where quantity demanded exceeds quantity supplied because the price is held below equilibrium.
  7. 11. A monopoly that emerges when high economies of scale make a single producer more cost-efficient than multiple competing networks.
  8. 12. An excess of quantity supplied over quantity demanded that occurs when the market price is above equilibrium.
  9. 13. The desire, ability, and willingness of consumers to purchase a good or service at various prices.
  10. 15. The extra cost incurred from producing one additional unit of a good or service.
  11. 18. Describes supply or demand that is highly responsive to a change in price, such as fast fashion.
  12. 19. A market structure characterized by a single seller that controls the entire market for a good or service.
  13. 20. An illegal, secret agreement between competing firms in an industry to fix prices or divide markets.