Competition and Market Structures Crossword Puzzle

QUESTIONS LIST:

• oligopoly: a few large firms dominate the market
• differentiation: making a product different from another
• non-price competition: way to attract customers through style, service, or location
• collusion: illegal agreement among firms to divide the market and set prices
• cartel: organization of producers that agree to coordinate prices and production
• franchise: contract that gives a single firm the right to sell within an exclusive market
• price discrimination: division of consumers into groups based on how much they will pay for a good
• government monopoly: monopoly created by the government
• monopolistic comp: multiple companies selling products that are similar, but not identical
• license: government-issued right to operate a business
• pure competition: large number of firms producing the same product
• natural monopoly: market that runs most efficiently when one firm provides all output
• commodity: product that is considered the same no matter who produces or sells it
• barrier to entry: any factor that makes it difficult for a new firm to enter the market
• start-up costs: expenses a new business must pay before it can produce/sell goods
• imperfect competition: market structure that fails to meet conditions of pure competition
• monopoly: market in which a single seller dominates
• patent: government license that gives exclusive right to sell/produce a new product
• price fixing: agreement among firms to charge one price for the same good
• market power: ability of a company to control prices and output
• price war: competitive price cuts that lowers market price below production costs