market structures

Front

How many firms are there in a perfect competition?

Back

Many

Front

Why does no one firm dominate in a perfect competition?

Back

Each firm produces so little of the total supply that they cannot influence prices.

Front

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

Back

Barriers to entry

Front

How many firms are there in a monopoly?

Back

1

Front

An industry that is dominated by a few large firms is

Back

an oligopoly.

Front

Businesses can "Collude" or work together to set prices. 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

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

Back

Oligopoly

Front

Firms in this kind of market produce goods that are very close substitutes.

Back

Monopolistic Competition