IB Economics: Market structure

Which of the following is NOT a Market Structure?

• Perfect Competition

• Oligopoly

• Monopoly

• Corporation

Which market structure involves selling identical products?

• Perfect Competition
• Monopolistic Competition
• Oligopoly
• Monopoly

How many firms are there in a perfect competition?

• 1
• 2-5
• Many

Why does no one firm dominate in a perfect competition?

• No firm wants to
• Each firm sells to different people
• Each firm produces so little of the total supply that they cannot influence prices
• One firm will eventually dominate and make it a monopoly

A market structure characterized by firms producing similar product with easy entry into the market

• Perfect Competition
• Monopolistic Competition
• Monopoly

Using the pizza store graphic, what market structure best fits the pizza industry?

• Monopoly

• Oligopoly

• Perfect competition

• Monopolistic competition

An industry that is dominated by a few large firms is 

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

Markets like automobiles, cell phones, cable TV, and internet providers are examples of which market structure?

• Monopoly

• Oligopoly

• Perfect competition

• Monopolistic competition

Choose the example that goes best with an oligopoly.

• apples
• cell phone providers
• utilities
• clothing

Cartels are illegal in the United States.

• True
• False