Economics - Market Structures Crossword Puzzle

QUESTIONS LIST:

• license : a government-issued right to operate a business
• commodity : a product,such as petroleum or milk, that is considered the same no matter who produces or sells it
• price discrimination : the division of consumers into groups based on how much they will pay for a good
• antitrust laws : laws that encourage competition in the marketplace
• deregulation : the removal of government controls over a market
• non price : a way to attract customers through style, service, or location, rather than a lower price
• predatory pricing : selling a product below cost for a short period of time to drive competitors out of the market
• oligopoly : a market structure in which a few large firms dominate a market
• barriers to entry : any factor that makes it difficult for a new firm to enter a market
• collusion : an illegal agreement among firms to divide the market, set prices, or limit production
• monopoly : a market in which a single seller dominates
• price fixing : an agreement among firms to charge one price for the same good
• natural monopoly : a market that gives the inventor of a new product the exclusive right to sell it for a specific period of time
• startup costs : the expenses a new business must pay before it can begin to produce and sell goods
• merger : when two or more companies join to form a single firm
• pure : 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 perfect competition
• monopolistic : a market structure in which many companies sell products that are similar but not identical