Market Structures

Front

In a Perfect Competition, products are basically..

Back

identical

Front

In a Perfect Competition, the biggest factor in setting price levels is..

Back

supply/demand

Front

In a market that is in Perfect Competition, you would normally find ___

Back

few barriers to entry- easy to enter/exit the market

Front

An Oligopoly is when there are

Back

few producers who control the market

Front

In an oligopoly, it's the term used when a few producers join forces to control pricing and production levels (btw: it's illegal in the US)

Back

CARTEL

Front

The market for agricultural produce is an example of: monopoly, oligopoly, monopolistic competition, perfect competition

Back

perfect competition

Front

Coke and Pepsi are the main producers and control the soda market. This is an example of:

Back

Oligopoly

Front

When buying produce at the grocery store, many people shop around for the best deal, because when it comes down to it, an apple is an apple. This is an example of:

Back

perfect competition

Front

Buyers have few choices when it comes down to satellite TV and internet providers. Basically, the producers are pretty much the same. This is an example of

Back

oligopoly

Front

Nike signed Michael Jordan in 1984 in order to get more young people to buy Nike instead of Converse or Adidas. They tried to show their shoe was cool and therefore superior. This is-

Back

monopolistic competition