Market Structures

Front

In perfect competition, the product is differentiated

Back

False

Front

In monopolistic competition, there are many buyers and sellers

Back

True

Front

Is it true that non-price competition is the use of advertisements, gifts, or promotions to gain customers?

Back

True

Front

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

Back

Monopoly

Front

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

Back

Perfect Competition

Front

What type of market structure has many producers (companies) that sell identical products and have no control over the price?

Back

perfect competition

Front

What type of market structures have very few producers (companies) that control most of the market? Hint: think about the soda market

Back

oligopoly

Front

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

Back

monopolistic competition

Front

Which of the following scenarios is an example of a monopoly? A local water company is the only water supplier for a small town. A dry cleaner specializes in eco-friendly cleaning methods. A farmer grows green beans to sell at a farmers' market. A small number of cereal companies produce most of the cereals in the market.

Back

A local water company is the only water supplier for a small town.

Front

This market structure has 3-4 companies that dominate 70-80% of the industry.

Back

Oligopoly