Market Structures

Which one of the following is an ideal market structure in which consumers and producers each compete directly under the laws of supply and demand?

• oligopoly
• copyright
• natural monopoly
• perfect competition

They are also called consumers

• buyers
• sellers
• products
• suppliers

Producers use this to set their products apart

• price wars
• laissez-faire
• government intervention
• product differentiation

This happens as a result of sellers undercutting each other’s prices

• price leadership
• price wars
• perfect competition
• patent

This is a market dominated by a few large sellers

• oligopoly
• monopoly
• monopolistic competition
• perfect competition

This type of market is most likely to happen in remote areas

• geographical monopoly
• oligopoly
• perfect competition
• monopolistic competition

This is the economic theory that states that economic systems prosper when the
government does not interfere in the market

• Sherman Antitrust Act
• natural monopoly
• laissez-faire
• Interstate Commerce Act

Microsoft is associated with this market structure

• oligopoly
• monopoly
• perfect competition
• monopolistic competition

Nonprice competition is most important in which of the following markets?

• perfect competition
• oligopoly
• monopolistic competition
• monopoly

U.S. agriculture is most closely associated with which of the following markets?

• monopolistic competition
• perfect competition
• monopoly
• oligopoly