P1 Market Structures

Multiple Choice

where buyers and sellers:

meet to exchange goods and services

• Market Structure

• Market(s)

Multiple Choice

Pure Competition; Oligopoly

• Market Structures

• Market(s)

Multiple Choice

buyers and sellers:

are affected by some level of competition

• Market Structures

• Market(s)

Multiple Choice

For Perfect Competition - There should be a SMALL number of buyers and sellers

• True

• False

Multiple Choice

For Perfect Competition - Buyers and sellers should act independently

• True

• False

Multiple Choice

For Perfect Competition - Buyers and sellers should be LESS-informed

• True

• False

Multiple Choice

In a Monopoly - One seller of a product that has no close substitutes

• True

• False

Multiple Choice

No other business chooses to compete in that area

• Natural Monopoly

• Geographic Monopoly

• Technological Monopoly

• Government Monopoly

Multiple Choice

economies of scale are so important that only one firm can survive.

• Natural Monopoly

• Geographic Monopoly

• Technological Monopoly

• Government Monopoly

Multiple Choice

Ex: USPS- Unite States

Postal Service

• Natural Monopoly

• Geographic Monopoly

• Technological Monopoly

• Government Monopoly

Multiple Choice

Results from new discoveries and inventions.

• Natural Monopoly

• Geographic Monopoly

• Technological Monopoly

• Government Monopoly