Across
- 3. legally bound obligation to pay debts
- 8. functions like a business but does not operate for purpose of generating profits
- 10. formal organization of producers that agree to coordinate prices and production
- 14. many companies sell products that are similar but not identical
- 15. agreement among firms to divide market, set prices, or limit production
- 16. expenses a firm must pay before it can open
- 17. producer's average cost per unit fall as output rises
- 19. combination of two or more companies into single firm
- 20. difficult for new firm to enter market
- 21. business organization owned and operated by group of individuals
- 22. agreement among firms to charge one price for same good
- 23. legal entity owned by individual stockholders
Down
- 1. single seller
- 2. ability of company to change prices and output like a monopolist
- 4. large corporation that produces and sells its goods and services throughout the world
- 5. partners share equally responsibility and liability
- 6. division of customers into groups based on ow much they will pay for good
- 7. only one partner is required to be general partner
- 9. large number of firms producing the same product
- 11. business owned and managed by one person
- 12. establishment formed to carry on commercial enterprise
- 13. few large firms dominate market
- 18. right to sell good or service within exclusive market