3.1 Market Structures

3.1 Market Structures

Open Ended

The "amount and degree of competition of firms in an industry" describes _______.

Open Ended

Name 2 of the characteristics of a market.

Open Ended

Besides an onion, give an example of a perfect competition and briefly explain why.

Multiple Choice

Which one is NOT an imperfect competition?

• oligopoly

• monopoly

• monopolistic competition

• communism

Multiple Choice

How many companies in the United States are "monopolistic competitions?

• All of them

• A majority of them

• Only a few

Multiple Choice

Is advertising important to a monopolistic competition?

• yes

• no

Open Ended

Use Burger King and Whataburger to explain how they are examples of monopolistic competition.

Multiple Choice

Is advertising important to an oligopoly?

• Yes

• No

Open Ended

One characteristic of an oligopoly is MANY BARRIERS TO ENTRY. Why is an airline a good example of this?

Open Ended

What is the name of the global oil cartel? (it is a legal cartel)

Multiple Choice

How much control over prices do monopolies have?

• no control- the consumer controls the price

• all of the control- the consumers have no say

• its an agreement between the seller and the consumer

Open Ended

How many sellers are there in a monopoly?

Multiple Choice

How much variety of goods is there in a monopoly?

• a lot of variety

• no variety

• some have variety and some do not

Open Ended

In your own words, why is "youtube" an example of a monopoly?

Open Ended

Explain why the post office is an example of a monopoly?