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Econ. Topic 4 - Market Structure Vocab

Across
A market structure in which a few large firms dominate a market
The removal of government control over a market
A market structure in which a large number of firms all produce the same product and no single seller controls supply or prices; also called a perfect competition
The division of consumers into groups based on how much they will pay for a good
Any factor that makes it difficult for a new firm to enter a market
A market structure in which many companies sell products that are similar buy not identical
A product, such as petroleum or milk, that is considered the same no matter who produces or sells it
An agreement among firms to charge one price for the same good
An illegal agreement among firms to divide the market, set prices, or limit production
Down
A government-issued right to operate a business
A market that gives the inventor of a new product the exclusive right to sell it for a specific period of time
A way to attract customers through style, service, or location, rather than a lower price
Selling a product below cost for a short period of time to drive competitors out of the market
Laws that encourage competition in the marketplace
The expenses a new business must pay before it can begin to produce and sell goods
When two or more companies join to form a single firm
A market in which a single seller dominates