Market Structures

Perfect competition is characterized by

• a large number of sellers and buyers.
• diverse products.
• sellers acting together to set prices.
• uninformed buyers and sellers.

Under perfect competition,

• products are similar but not identical.
• numerous restrictions prevent firms from entering the market.
• no seller can sell a product above the prevailing market price.
• a single seller can affect price.

Which market has no competition?

• perfect competition
• oligopoly
• monopoly
• monopolistic competition

Which market structure is BEST indicated by the soda market?

• monopoly
• pure competition
• oligopoly
• natural monopoly

If Mark Etts expresses a desire 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 scenario is an example of a monopoly? 

• A local water company is the sole provider of water for a small town.
• A dry cleaner specializes in environmentally friendly cleaning methods.  
• A farmer produces green beans for sale at a farmer's market.
• A small number of cereal companies produce most of the cereal on the market.

A market structure in which only one producer supplies a good that is in demand is called a 

• monopoly.
• oligopoly.
• competition.
• monopolistic competition.

An industry that is dominated by a few large firms is 

• monopolistic competition.
• a monopoly.
• perfect competition.
• an oligopoly.

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

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly

One single firm controls the entire industry.

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly