Econ 3-1 Market Structures

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?

• perfect competition
• monopolistic competition
• oligopoly
• monopoly

In the 1990s, AT&T controlled 80% of the phone industry and was the ONLY provider of long distance phone service. This is an example of

• A monopoly
• Monopolistic Competition
• Perfect Competition
• Oligopoly

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 is NOT a characteristic of perfect competition?

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

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

• Monopoly
• Monopolistic Competitio
• Perfect Competitio
• Oligopoly 

In which market structure is there the LEAST competition?

• Monopoly
• Oligopoly
• Monopolistic Competition
• Perfect Competition

In which market structure is there the MOST competition?

• Monopoly
• Oligopoly
• Monopolistic Competition
• Perfect Competition