Market Structures

Front

In a Perfect Competition, products are basically..

Back

identical

Front

An Oligopoly is when there are

Back

few producers who control the market

Front

Their is only one supplier in this market structure.

Back

monopoly

Front

The effort by sellers to secretly set production levels or prices is called

Back

collusion

Front

Which is NOT a characteristic of a monopoly? Seller sets the market price, Firm sells a unique product, One seller

Back

Entry into the market is easy

Front

The jeans industry would fall into what type of market structure? ( jeans are similar but there are some differences in the product)

Back

monopolistic competition

Front

List the four market structures in order from least competitive to most competitive: Oligopoly, Monopoly, Perfect Competition, Monopolistic Competition.

Back

Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition

Front

If a town has only one gas station then the market for gas in that town is in which market structure?

Back

Monopoly

Front

In perfect competition, the product is differentiated

Back

False

Front

In which market structure is there the LEAST competition? Options: Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition

Back

Monopoly