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2. a license that gives the inventor of a new product the exclusive right to sell it for a certain period of time
4. situation in which quantity demanded is greater than quantity supplied
6. a market that runs most effciently when one large firm supplies all of the output
10. a governmental issued right to operate a business
11. a price ceiling placed on rent
15. a market structure that does not meet the conditions of perfect competition
16. describes any price or quantity not at equilibrium
19. factors that cause a producers average cost per unit to fall as output rises
22. a market dominated by a single seller
23. the financial and opportinty costs consumers pay when searching for a good or service
24. when quantity demanded is more than quantity supplied
25. situation in which quantity supplied is greater than quantity demanded

1. a minimum price that an employer can pay a worker for an hour of labor
3. a minimum price for a good or service
5. a system of allocating scarce goods and services using criteria other than price
7. a market structure in which a large number of firms all produce the same product
8. the expenses a firm must pay before it can begin to produce and sell goods
9. a maximum price that can be legally charged for a good or service
12. a product that is the same no matter who produces it
13. the point at which quantity demanded and quantity supplied are equal
14. any factor that makes it difficult for a new firm to enter a market
17. costs of production that affect people who have no control over how much of a good is produced
18. a market in which goods are sold illegally
20. when quantity supplied is more than quantity demanded
21. a sudden shortage of a good