Market Structures

How many firms are there in a perfect competition?

• 1

• 2-5

• Many

• 70

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

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

How many firms are there in a monopoly?

• 1

• 2-5

• Many

• 70

An industry that is dominated by a few large firms is 

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

Businesses can "Collude" or work together to set prices

• Oligopoly

• Monopoly

• Perfect Competition

• Pure Competition

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

• Perfect Competition

• Monopolistic Competition

• Monopoly

• Oligopoly

Choose the example that goes best with an oligopoly.

• apples
• cell phone providers
• utilities
• clothing

Which of the following industries is an example of a monopoly?

• utilities/water

• department stores

• auto industry

• commercial airlines

The jeans industry would fall into what type of market structure? ( jeans are similar but there are some differences in the product)

• monopoly
• oligopoly
• perfect competition
• monopolistic competition

Which is NOT a characteristic of a monopoly?

• Seller sets the market price
• Entry into the market is easy
• Firm sells a unique product
• One seller