Unit 2 Lesson 7

Edit Answers
12345678
Across
  1. 3. a market structure in which a few firms dominate the market and produce similar or identical goods
  2. 6. is the organization of a market, based mainly on the degree of competition; there are four basic market structures: perfect competition, monopolistic competition, oligopoly, and monopoly.
  3. 8. perfect competition a market structure in which many producers supply an identical product and no single producer can influence its price; in such a market, prices are set by supply and demand
Down
  1. 1. a market structure in which many producers supply similar but varied products
  2. 2. a situation in which the market fails to allocate resources efficiently.
  3. 4. goods and services that are used collectively and that no one can be excluded from using; public goods are not provided by markets.
  4. 5. a market structure in which a single producer supplies a unique product that has no close substitutes
  5. 7. a cost or benefit that arises from production or consumption of a good or service that falls on someone other than the producer or consumer; a spillover or side effect of production or consumption.