Across
- 4. of scale Occur when the average cost of production falls as the producer grows larger.
- 5. A group that acts together to set prices and limit output.
- 7. Exists when the government either owns and runs the business or authorizes only one producer.
- 8. Makes it hard for a new business to enter a market.
- 9. Occurs when the costs of production are lowest with only one producer.
- 10. A firm that does not have to consider competitors when setting the prices of its products.
Down
- 1. Exists when there are no other producers within a certain region.
- 2. Occurs when there is only one seller of a product that has no close substitutes.
- 3. Occurs when a firm controls a manufacturing method, invention, or type of technology.
- 6. It gives an inventor the exclusive property of rights to that invention or process for a certain number of years.