Unit 3- Market structures/Market Failures/Etc.

Which market structure has a large number of buyers and sellers (the most) and products are identical?

• perfect (pure) competition

• monopolistic competition

• oligopoly

• monopoly

A key characteristic of this market structure is that there is interdependence among firms.

• perfect (pure) competition

• monopolistic competition

• oligopoly

• monopoly

What market structure would agricultural products fall into?

• perfect (pure) competition

• monopolistic competition

• oligopoly

• monopoly

This type of market structure uses product differentiation and brand name/advertising is the most important.

• perfect competition

• pure competition

• monopolistic competition

• monopoly

market failure in which there is unintended harm or inconvenience to a third party.

• positive externality

• negative externality

• economies of scale

• public goods

Utility companies such as electricity would be an example of which type of monopoly?

• natural monopoly

• geographic monopoly

• pure monopoly

• technological monopoly

market structure in which a few very large sellers dominate the industry.

• perfect competition

• monopolistic competition

• oligopoly

• monopoly

A formal agreement to set prices or to otherwise behave in a cooperative manner

• non-price competition

• collusion

• deregulation

• All the above

Which of the following market structures is considered a price maker(the business sets the price and has control over the price)?

• perfect competitiion

• monopolistic competition

• oligopoly

• monopoly

Which of the following market structures would be considered the least competitive?

• perfect competition

• monopolistic competition

• oligopoly

• monopoly