Joseph Flick - Market Structures

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Across
  1. 1. One that consumers see as identical regardless of producer
  2. 5. The effort to distinguish a product from similar products.
  3. 7. When the average cost of production falls as the producer grows larger.
  4. 8. The joining of two firms to form a single firm.
  5. 9. A moderated discussion with small groups of consumers.
  6. 12. When businesses agree to set prices for competing products.
  7. 14. A business that accepts the market price determined by supply and demand.
  8. 16. The ideal model of a market economy the wealth and resources of a country or region
  9. 17. When competing businesses divide a market amongst themselves.
  10. 18. When there is only one seller of a product that has no close substitutes.
  11. 20. When the government either owns and runs the business or authorizes only one producer.
  12. 22. When businesses set prices below cost for a time to drive competitors out of a market.
  13. 23. A company’s percent of total sales in a market.
  14. 25. Reduces or removes government control of business.
  15. 26. When many sellers offer similar, but not standardized, products.
  16. 28. Defines monopolies and gives government the power to control them.
Down
  1. 2. Occurs in markets that have few sellers or products that are not standardized.
  2. 3. A group that acts together to set prices and limit output.
  3. 4. When there are no other producers within a certain region.
  4. 6. When a firm controls a manufacturing method, invention, or type of technology.
  5. 10. A market structure in which only a few sellers offer a similar product.
  6. 11. When producers use factors other than low price to try to convince customers to buy their products.
  7. 13. A firm that does not have to consider competitors when setting the prices of its products.
  8. 15. A group of firms combined in order to reduce competition in an industry.
  9. 19. Makes it hard for a new business to enter a market.
  10. 21. When the costs of production are lowest with only one producer.
  11. 24. A set of rules or laws designed to control business behavior.
  12. 27. Gives an inventor the exclusive property rights to that invention or process for a certain number of years.