Topic 4 Lesson 3

2. the removal of government controls over a market
4. the expenses a new business must pay before it can begin to produce and sell goods
7. a market that runs most efficiently when one large firm provides all of the output
8. a market structure in which a few large firms dominate a market
11. laws that encourage competition in the marketplace
12. the division of consumers into groups based on how much they will pay for a good
13. a market in which a single seller dominates
14. an agreement among firms to charge one price for the same good
15. an illegal agreement among firms to divide the market, set prices, or limit production

1. any factor that makes it difficult for a new firm to enter a market
3. when two or more companies join to form a single firm
5. a way to attract customers through style, service, or location, rather than a lower price
6. a market structure in which many companies sell products that are similar but not identical
9. selling a product below cost for a short period of time to drive competitors out of the market
10. a government-issued right to operate a business