Topic 4

4. Any factor that makes it difficult for a new firm to enter a market
5. The division of consumers into groups based on how much they will pay for a good
7. A license that gives the inventor of a new product the exclusive right to sell it for a specific period of time
10. A market structure in which a large number of firms all produce the same product and no single seller controls supply or prices
14. Laws that encourage competition in the marketplace
16. A market structure in which many companies sell products that are similar but not identical

1. When two or more companies join to form a single firm
2. The expenses a new business must pay before it can begin to produce and sell goods
3. A market that runs most efficiently when one large firm provides all of the output
6. A product that is considered the same no matter who produces or sells it
8. pricing Selling a product below cost for a short period of time to drive competitors out of the market
9. A way to attract customers through style, service, or location, rather than a lower price
11. A market structure in which a few large firms dominate a market
12. A government issued right to operate a business
13. The removal of government controls over a market
15. A market in which a single seller dominates