Topic 4

4. When two or more companies join to form a single firm
7. Selling a product below cost for a short period of time to drive competitors out of the market
11. A market structure in which many companies sell products that are similar but not identical
13. The removal of government controls over a market
15. Any factor that makes it difficult for a new firm to enter a market

1. A market that runs most efficiently when one large firm provides all of the output
2. An illegal agreement among firms to divide that market
3. An agreement among firms to charge one price for the same good
5. A market structure in which a few large firms dominate a market
6. The expenses a new business must pay before it can begin to produce and sells goods
8. A product that is considered the same no matter who produces or sells it
9. Laws that encourage competition in the market in the marketplace
10. A market in which a single seller dominates
12. A license that gives the inventor of a new product the exclusive right to sell it for a specific period of time
14. A government issued right to operate a business