Market Structures

Front

What market structure is Mark participating in if he sells standardized corn at a local farmer's market with no control over the price? Options: monopolistic competition, oligopoly, perfect competition, monopoly

Back

perfect competition

Front

Under perfect competition, options include: products are similar but not identical, numerous restrictions prevent firms from entering the market, no seller can sell a product above the prevailing market price, a single seller can affect price.

Back

no seller can sell a product above the prevailing market price.

Front

Using the pizza store graphic, what market structure best fits the pizza industry? Options: Monopoly, Oligopoly, Perfect competition, Monopolistic competition

Back

Monopolistic competition

Front

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

Back

Barriers to entry

Front

Which is NOT a characteristic of perfect competition? Options: difficult entry into the market, many sellers, identical product, no control over price

Back

difficult entry into the market

Front

Which of the following statements correctly identifies a difference between perfect competition and monopolistic competition?

Back

In perfect competition the firms all sell products that are exactly the same, but in monopolistic competition each firm sells a slightly differentiated product.

Front

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

Back

Perfect 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

Which market structure is described by many sellers of blue jeans, each making their product slightly different, with free entry and exit into the market? Options: Perfect Competition, Oligopoly, Monopoly, Monopolistic Competition

Back

Monopolistic Competition

Front

In a monopoly which of the following is not true? Products are differentiated, There is freedom of entry and exit into the industry in the long run, The firm is a price maker, There is one main seller

Back

There is freedom of entry and exit into the industry in the long run