Types of Markets

Front

Selling standard, similar or rather same products is the characteristics for: Monopoly, Monopolistic Competitive Market, Oligopoly, Perfectly Competitive Market

Back

Perfectly Competitive Market

Front

What is an oligopoly?

Back

It is a market structure in which a very few large sellers dominate the industry.

Front

Since the airline industry is controlled by only a few very big companies, which type of market structure would best describe it?

Back

Oligopoly

Front

DeBeers used to be the only supplier of diamonds. Which term best describes this firm?

Back

Monopoly

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

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?

Back

Monopolistic Competition

Front

In which market structure does a firm have greatest control over its product’s price? Options: perfect competition, monopoly, oligopoly, monopolistic competition

Back

monopoly

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? Options: 1, 2-5, Many

Back

1

Front

____________ market has absolutely no control over the price prevailing in the market

Back

Perfect Competition