Market Structures

2. an agreement among firms to sell at the same or very similar prices
5. consumers are divided into groups and each is charged differently
7. a market with barriers to entry
10. an industry that runs best when a single company produces a good or service
12. a product that is considered the same regardless of who sells it
13. a producer's average cost drops as production rises
14. a formal organization of producers that agree to coordinate prices and production
15. a company has exclusive rights to sell a new good or service for a specific time period
16. training needed to start certain businesses
17. an agreement among members of an oligopoly to illegally set prices and production levels

1. a market with many firms, identical products, and free entry and exit
3. expenses a new business must pay before the first product reaches the customer
4. many companies in an open market selling similar products
6. a single seller in a market
8. a market structure dominated by a few large, profitable firms
9. a contract to sell goods in an exclusive market
11. any factor that makes it difficult for new firms to enter the market