Market Structure Flashcard

Front

Which of the following factors does not affect market structure?
Quantity of producers,
Product similarity,
Weather conditions,
Ease of entry

Back

Weather conditions

Front

What happens when more producers enter a market?

Back

Competition increases

Front

In which market structure are products nearly identical and producers have no control over pricing? Options: Monopoly, Monopolistic Competition, Oligopoly, Perfect Competition

Back

Perfect Competition

Front

What term refers to goods that are produced in the same way regardless of the producer?

Back

Commodities

Front

What is a key characteristic of a monopoly?

Back

One producer with complete market power

Front

A monopoly that exists because one company controls a natural resource is known as a:

Back

Resource Monopoly

Front

In an oligopoly, how are prices typically influenced?

Back

Influenced by decisions of competing businesses

Front

What is collusion in an oligopoly?

Back

When businesses work together to agree on prices

Front

In which market structure do companies rely on nonprice competition such as brand image or service?

Back

Monopolistic Competition

Front

Which of the following is not a form of nonprice competition?
Status and image,
Physical characteristics,
Customer service

Back

Raising prices