Market Structures II

Which type of market structures has many many producers(companies) that sell identical products and has no control over price?

• perfect competition
• monopolistic competition
• oligopoly
• monopoly

Which type of market structures has very few producers(companies) that control the majority of the market?
Hint: think of the soda market

• perfect competition
• monopolistic competition
• oligopoly
• monopoly

The jeans industry would fall into what type of market structure? ( jeans are similar but there are some differences in the product)

• monopoly
• oligopoly
• perfect competition
• monopolistic competition

If Mark wants to sell his corn at a local farmer's market, he must be aware that the product is standardized and that he will have no control over the price. The market structure he is MOST likely participating in is

• monopolistic competition
• oligopoly
• perfect competition
• monopoly

Which is NOT a characteristic of a monopoly?

• Seller sets the market price
• Entry into the market is easy
• Firm sells a unique product
• One seller

Which type of market structures has many producers (companies) and sell similar but not identical products from each other? These companies have some control over the price and there are low barriers to entry.

• perfect competition
• monopolistic competition
• oligopoly
• monopoly

Which is NOT a characteristic of perfect competition?

• difficult entry into the market
• many sellers
• identical product
• no control over price  

The market structure with the most control over prices and as a result, the highest prices is:

• Monopoly
• Monopolistic Competition
• Perfect Competition
• Oligopoly 

This market structure has 3-4 firms who dominate 70-80% of the industry. 

• Monopoly
• Monopolistic Competitio
• Perfect Competitio
• Oligopoly 

An agreement among members of an oligopoly to illegally set prices and production

• Collusion
• Cartel