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Chapter 7

David Canavan

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3.A company that controls all factors of production
9.Obstacles that restrict acess to a market and limit competition (3 words)
10.Trade Name
18.Results when technical knowledge spreads from one company to another (2 words)
20.Where the dominant firm sets the price and the smaller firms follow suit (2 words)
22.producers get together and and make agreements on production levels and pricing
23.Portion of tatal sales in a market (2 words)
24.A few firms dominate this market structure and produce similar goods
25.Combinations of firms
1.Collectively used goods or services (2 words)
2.Goods or services sold in markets (2 words)
4.The most efficient market structure (2 words)
5.The proportion of the total market controlled by a set number of companies (2 words)
6.Many producers supply similar but varied products in this market structure (2 words)
7.Producers are an example of ___ ___ because they have to accept the market price for a product (2 words)
8.Markets with more ____ are more competitive
11.A firm can provide a good or service more efficiently and at a lower cost than other firms can (2 words)
12.The organization of a market, based mainly on the degree of competition. (2 words)
13.A Cost benefit that doesnt fall on the consumer or producer
14.Failure to allocate resources efficiently (2 words)
15.Measure of how easy it is to start a new business (3 words)
16.Anyone not paying for a private good can be excluded from using it
17.The more competitive the market, the less _____ ______ any one producer will have (2 words)
19.Company accused of monopolistic practices in 1998
21.an organization of producers established to set production and pice levels for a product

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