Market Structures Flashcard

Front

Ethan and Mia are selling apples at a local market. They both sell identical apples with no difference in quality or price. Which market structure does this scenario represent?

Back

Perfect Competition

Front

Which market structure did AT&T fall under when they were the only company providing long distance telephone service?

Back

Monopoly

Front

Which market structure do automobiles, cell phones, cable TV, and internet providers belong to?

Back

Oligopoly

Front

Perfect competition is characterized by...

Back

A large number of sellers.

Front

What type of monopoly does Aiden have if he has developed a unique software algorithm that no one else can replicate, giving him exclusive control over the market for this type of software?

Back

Technological Monopoly

Front

In a small town, Charlotte owns the only bakery due to its unique location. This market structure is a...

Back

Geographic Monopoly

Front

Which scenario is an example of a monopoly? A) A small number of cereal companies produce most of the cereal on the market, B) A dry cleaner specializes in environmentally friendly cleaning methods, C) A farmer produces green beans for sale at a farmer's market, D) A local water company is the sole provider of water for a small town

Back

A local water company is the sole provider of water for a small town

Front

Which is NOT a barrier to entry? A) Production is large scale and requires many large factories, C) Strong customer loyalty to long established brands, D) High start-up costs for new businesses.

Back

No patents or licensing requirements.

Front

This market structure has 3-4 firms dominating 70-80% of the industry.

Back

Oligopoly

Front

List the four market structures from LEAST to MOST competitive.

Back

Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition