Markets, Monopolies, Market Failure

Front

Monopolies are

Back

Price Makers

Front

Perfect competition is best described as a market with

Back

many firms producing essentially the same product

Front

What is the main characteristic of a monopoly market?

Back

Only one seller or producer

Front

A market structure in which a few large firms dominate a market.

Back

Oligopoly

Front

A market structure in which many companies sell products that are similar but not identical.

Back

Monopolistic Competition

Front

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

Back

cell phone providers

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

Postal service

Back

Government monopoly

Front

Exists when there are no other producers within a certain region

Back

Geographic monopoly