Economics Chapter 7 Crossword

market classification according to number and size of firms, type of product, and type of competition; nature and degree of competition among firms in the same industry
a theoretical market structure that requires three conditions: very large numbers of buyers and sellers, identical products, and freedom of entry and exit
group of firms producing similar or identical products
theoretical market structure characterized by a large number of well-informed independent buyers and sellers who exchange identical products and have freedom of entry and exit
market structure having all conditions of pure competition except for identical products; a form of imperfect competition
real or imagined differences between competing products in the same industry
competition based on a product's appearance, quality, or design, rather than it's price
market structure in which a few large sellers dominate and have the ability to affect prices in the industry; form of imperfect competition
illegal agreement among producers to fix prices, limit output, or divide markets
illegal agreement by firms to charge a uniform price for a product
market structure characterized by a single producer; form of imperfect competition
philosophy that government should not interfere with business activity
market structure in which average costs of production are lowest when all output is produced by a single firm
market structure in which a firm has a monopoly because of its location or the small size of the market
market structure in which a firm has a monopoly because it owns or controls a manufacturing method, process, or other scientific advantage
monopoly created and/or owned by the government
condition where any of the requirements for a competitive market leads to an inefficient allocation of resources characterized by too much or too little being produced
economic products that are paid for and consumed collectively; such as highways, national defense, police
uncompensated side effects that either benefit or harm a third party not involved in the activity that caused it
uncompensated side effects that affect an uninvolved third party
calculation that compares the cost of an action to its benefits
illegal combination of corporations or companies organized to suppress competition
practice of charging different customers different prices for the same product
ruling requiring a company to stop an unfair business practice that reduces or limits competion
increasingly efficient use of personnel, plant, and equipment as a firm becomes larger