Market Structures Test

This market structure has many firms, identical products, no barriers to entry, & price takers

• Perfect Competition

• Monopoly

In this market, one firm controls the market, there are very high barriers to entry, price makers, & there are no available substitutes

• Perfect Competition

• Oligopoly

• Monopoly

This market has some 25-75 firms selling slightly differentiated products, some price control, & low barriers to entry

• Oligopoly

• Monopoly

• Monopolistic Competition

In this market, 2-24 firms control the market, products can be slightly differentiated, there are high barriers to entry, & lots of control over price

• Monopoly

• Oligopoly

a formal organization of producers that agree to coordinate prices and production...

• Monopoly

• Oligopoly

• Cartel

Non-price Competition is...

• a market that runs most efficiently when one large firm supplies all of the output; when competition would create chaos

• a formal organization of producers that agree to coordinate prices and production

• competing on a basis other than price such as fragrance, location, color

Natural Monopoly is...

• 25-75 firms selling slightly differentiated products; some price control; low barriers to entry

• a market that runs most efficiently when one large firm supplies all of the output; when competition would create chaos

The broccoli market would be an example of...

• Monopolistic Competition

• Perfect Competition

Levi's jeans are part of...

• a monopoly

• an oligopoly

• Monopolistic Competition

highest barriers to entry

• monopoly

• oligopoly