Across
- 3. competitors lower their prices to win business
- 4. government no longer decides what role each company plays in a market and how much it can charge customers
- 7. product consider the same regardless of who makes it or sells it
- 8. simplest market structure
- 9. competition through ways other than lower prices
- 10. agreement between members of a oligopoly to set prices and production levels
- 12. firm's start-up cost are high, and its average cost fall for each additional unit it produces
- 13. issued by government to give power to company monopoly
- 14. trust are illegal
- 15. agreement between firms to sell at same or very similar price
- 17. agreement by a formal organization of producers to coordinate prices and productions
- 18. many companies compete in an open market to sell products that are similar but not identically
- 21. describes a market dominated by a few large, profitable firms
- 22. business combination close to cartel
- 23. ability to control prices and total market output
- 24. last practice
- 25. monopoly created by the government
- 27. factors that make it difficult for new firms to enter a market
Down
- 1. major difference between perfect competition and monopolistic competition
- 2. expenses that a new business must pay before the first product reaches the consumer
- 5. barriers to entry can lead to it
- 6. form when barriers prevent firms from entering a market that has single supplier
- 11. market that runs most efficiently when one large firm provides all of the output
- 16. contract issued by a local authority that gives single firm the right to sell its good within an exclusive market
- 19. charge different prices to two different groups
- 20. issued by government, grants firms right to operate a business
- 26. when companies join with another company or companies to form a single firm