Market Structures and Competition Review

Front

Which of the following Market structures has the most sellers? Perfect Competition, Monopolistic Competition, Oligopoly , Monopoly

Back

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

Which of these market structures has the least control over price in the marketplace?
Options: Perfect Competition, Monopolistic Competition, Oligopoly, Monopoly

Back

Perfect Competition

Front

5 cell phone makers control about 85% of the market for cell phones so they are in what market structure:

Back

Oligopoly

Front

A ton of companies make clothing but some brands are able to charge more because of perceived status or quality. This puts them in which market structure?

Back

Monopolistic Competition

Front

In this market structure there is little of no difference between the product no matter what company produces it? Options: Perfect Competition, Monopolistic Competition, Oligopoly, Monopoly

Back

Perfect Competition

Front

If a person gets a patent on a product that product is in which market structure?

Back

Monopoly

Front

Which market structure has the least competition in the marketplace? Options: Perfect Competition, Monopolistic Competition, Oligopoly, Monopoly

Back

Monopoly

Front

When a market has more competition between firms in the market what will happen to price for the product in that market?

Back

It will fall

Front

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

Back

Many