Markets

Which market structure involves selling identical products?

• Perfect Competition
• Monopolistic Competition
• Oligopoly
• Monopoly

Factors that make it difficult for new firms to enter a market are called

• Barriers to entry
• Factors of production
• Limited supply
• Monopolistic Outlook

Why is the NFL considered a monopoly?

• There are no other professional American football leagues in the world 
• They make the most money of all the professional sports
• It is only in the US
• The players have control over the price

Define Perfect Competition

• any factor that makes it difficult for a new firm to enter a market

• a product that is the same no matter who produces it

• a market structure that in which a large number of firms all produce the same product

• market structure that does not meet the conditions of perfect competition

Which of the following is one of the four conditions for perfect competition?

• Buyers and sellers are well informed about products

• Many buyers and sellers participate in the market

• Both A and B

• None of the Above

An industry that is dominated by a few large firms is 

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

List the four market structures in order from least competitive to most competitive.

• Oligopoly, Monopoly, Perfect Competition, Monopolistic Competition
• Perfect Competition, Oligopoly, Monopoly, Monopolistic Competition
• Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition
• Monopoly, Monopolistic Competition, Perfect Competition, Oligopoly

The attempt by firms to distinguish their goods and services from those of other firms

• non price competition 
• Free Rider 
• Product differentiation 
• Monopolistic Competition 

a legal entity owned by individual stockholders

• corporations
• shops 
• stores
• offices

a business in which the owners share equally in both responsibility and liability

• general partnership
• sole proprietorship
• mergers
• farmers