ECON: Market and Business Structures

In this market structure, if a single firm raises its price it will not be able to sell any of its output.

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly

One single firm controls the entire industry.

• Perfect Competition

• Monopoly

• Monopolistic Competition

• Oligopoly

Only three to four firms produce this product in the Unites States.

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly

Public utilities are an example.

• Perfect Competition

• Monopoly

• Monopolistic Competition

• Oligopoly

Which market structure involves many firms selling identical products?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

Oligopoly

• market structure in which only a few large sellers dominate and have the ability to affect prices in an industry

• market structure having all conditions of pure competition except for identical products

• market structure in which a firm has a monopoly because of its location or the small size of the market

• monopoly created and or owned by the government

Which of the following would be most likely be subject to government monopoly regulations?

• computer software company

• pizza place

• burger restaurant

• local electricity company

When firms agree to charge the same or similar prices for a product, this is known as

• price-fixing

• independent behavior

• natural monopoly

• laissez-faire

Monopolistic competition is separated from pure competition by

• collusion

• profit maximization

• product differentiation

• imperfect competition

A monopoly's prices are determined by

• competing firms

• market equilibrium

• perfect competition

• the monopoly