Flashcardizz - Final - Unit 3 Market Structures

Front

How many firms are there in a perfect competition? Options: 1, 2-5, Many

Back

Many

Front

Why does no one firm dominate in a perfect competition? Options: No firm wants to, Each firm sells to different people, Each firm produces so little of the total supply that they cannot influence prices, One firm will eventually dominate and make it a monopoly

Back

Each firm produces so little of the total supply that they cannot influence prices

Front

Factors that make it difficult for new firms to enter a market are called

Back

Barriers to entry

Front

How many firms are there in a monopoly?

Back

1

Front

An industry that is dominated by a few large firms is

Back

an oligopoly.

Front

Businesses can "Collude" or work together to set prices. Options: Oligopoly, Monopoly, Perfect Competition

Back

Oligopoly

Front

Choose the example that goes best with an oligopoly: car lots, cell phone providers, utilities, clothing

Back

cell phone providers

Front

Which of the following industries is an example of a monopoly?
utilities/water, department stores, auto industry, commercial airlines

Back

utilities/water

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

A market that has a few sellers of basically the same goods.

Back

Oligopoly