Market Structures

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

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly

It is extremely easy to go into and get out of the business. Select all that apply

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly

One single firm controls the entire industry.

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly

Only five firms produce this product in the Unites States.

• 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

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

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly

Firms in this kind of market produce goods that are very close substitutes.

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly

All buyers and sellers have sufficient information to maximize self-interest.

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly

Public utilities are an example.

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly

An action by one seller in this market will always affect all the others.

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly