Unit 2A-Market Structures

Which of the following is NOT a Market Structure?

• Perfect Competition

• Oligopoly

• Monopoly

• Corporation

Which market structure involves selling identical products?

• Perfect Competition
• Monopolistic Competition
• Oligopoly
• Monopoly

Using the pizza store graphic, what market structure best fits the pizza industry?

• Monopoly

• Oligopoly

• Perfect competition

• Monopolistic competition

Markets like automobiles, cell phones, cable TV, and internet providers are examples of which market structure?

• Monopoly

• Oligopoly

• Perfect competition

• Monopolistic competition

A market that has a few sellers of basically the same goods.

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly

The actions of an individual seller do not affect the overall supply or price of a good or service.

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly

Public utilities are an example.

• Perfect Competition

• Monopoly

• Monopolistic Competition

• Oligopoly

In this market, the producer is the least responsive to buyers' needs and wants.

• Perfect Competition

• Monopoly

• Monopolistic Competition

• Oligopoly

Which of the following is not a characteristic of monopolistic competition?

• products are very similar so there must be product differentiation

• very competitive

• lots of advertising

• identical products

Which of the following is not an advantage of a sole proprietorship?

• easy to form

• taxed only once

• you retain all of the profits

• unlimited liability