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C7 Market Structures

Across
market with only with only one seller of a product with no close substitutes
an economic model of businesses in the same industry
In perfect competition sellers become ___________
Company's percent of total sales in a market
market with few sellers or products not standardized is _________ competition
a product that consumers see as identical regardless of producer
Type of monopoly sometimes based on its ownership of a patent
U.S. post office is this type of monopoly
Down
makes it hard for a new business to enter a market
most public utilities are this type of monopoly
the ideal model of a market economy is perfect __________
competition based on factors other than just low price
in monopolistic competition busenesses compete using product ___________
A monopoly like the AZ Diamondbacks or Phoenix Suns
type of competition in which many sellers offer nonstandardized products
a firm able to set prices without regard to competition
When businesses get together and agree to all charge more that equilibrium
Verizon, AT&T, Harkins, and Geico are examples
group that acts together to set prices and limit production