Market Structures

Front

Factors that make it difficult for new firms to enter a market are called

Back

Barriers to entry

Front

What prevents firms from entering a monopoly?

Back

Barriers to Entry

Front

Businesses can "Collude" or work together to set prices. What type of market structure does this describe? Options: Oligopoly, Monopoly, Perfect Competition

Back

Oligopoly

Front

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

Back

cell phone providers

Front

Which of the following industries is an example of a monopoly? utilities/water, department stores, auto industry, commercial airlines

Back

utilities/water

Front

The jeans industry would fall into what type of market structure? ( jeans are similar but there are some differences in the product)

Back

monopolistic competition

Front

A market that has a few sellers of basically the same goods.

Back

Oligopoly

Front

Public utilities are an example of what? Options: Perfect Competition, Natural Monopoly, Monopolistic Competition, Oligopoly

Back

Natural Monopoly

Front

In this market, the producer is the least responsive to buyers' needs and wants.

Back

Pure Monopoly

Front

Which type of market structures has many producers (companies) and sell similar but different products from each other? These companies have a little control over the price and there are relatively low barriers to entry.

Back

monopolistic competition