Honor Economics 12 A CrossWord Puzzle

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Across
  1. 1. a product, such as petroleum or milk, that is considered the same no matter who produces or sells it
  2. 4. an agreement among firms to charge one price for the same good
  3. 6. a government-issued right to operate a business
  4. 11. a formal organization of producers that agree to coordinate prices and production
  5. 12. the expenses a new business must pay before it can begin to produce and sell goods
  6. 15. the division of consumers into groups based on how much they will pay for a good
  7. 18. when two or more companies join to form a single firm
  8. 19. selling a product below cost for a short period of time to drive competitors out of the market
  9. 20. a market structure in which many companies sell products that are similar but not identical
  10. 24. a market that runs most efficiently when one large firm provides all of the output
  11. 26. a series of competitive price cuts that lowers the market price below the cost of production
  12. 27. a contract that gives a single firm the right to sell its good within an exclusive market
Down
  1. 2. the removal of government controls over a market
  2. 3. a monopoly created by the government
  3. 5. making a product different from other, similar products
  4. 7. a market structure in which a large number of firms all produce the same product and no single seller controls supply or prices; also called perfect competition
  5. 8. a market structure that fails to meet the conditions of pure competition
  6. 9. a government license that gives the inventor of a new product the exclusive right to produce and sell it
  7. 10. characteristics that cause a producer’s average cost per unit to drop as production rises
  8. 13. any factor that makes it difficult for a new firm to enter a market
  9. 14. a market in which a single seller dominates
  10. 16. a way to attract customers through style, service, or location, rather than a lower price
  11. 17. an illegal grouping of companies that discourages competition, similar to a cartel
  12. 21. the ability of a company to control prices and total market output
  13. 22. an illegal agreement among firms to divide the market, set prices, or limit production
  14. 23. laws that encourage competition in the marketplace
  15. 25. a market structure in which a few large firms dominate a market