Market Structures & Competition

In a market economy, the forces of supply and demand affect production, distribution, and (a)   decisions.

• property
• investment
• timely
• strong

the organizational characteristics of a market that determine the buying and selling behavior of companies and individuals is called (a)  

• market demand schedule
• market structure
• market economy

the motivation of companies in a marketeconomy is (a)  

• quantity demanded
• equilibrium
• competition
• profit

where price is determined on a supplyand demand graph (a)  

• quantity demanded
• equilibrium
• competition
• profit

There are (a)   characteristics define the type of market structure.

• two
• three
• four
• five

an obstacle that prevents competition from entering the market (a)  

• quantity demanded
• barrier to entry
• competition
• product differentiation

Based on the characteristics of market structure, there are (a)   different types of market structures in a market economy

• two
• three
• four
• five

a market structure in which there are many sellers and buyers of homogeneous products

• perfect competition

• monopoly

• monopolistic competition

• oligopoly

a market structure dominated by few companies

• perfect competition

• monopoly

• monopolistic competition

• oligopoly

Answer explanation

An oligopoly is dominated by a few firms, resulting in limited competition. They can collaborate with or compete against each other to use their collective market power to drive up prices and earn more profit.

a market structure in which many companies sell similar but not identical products

• perfect competition

• monopoly

• monopolistic competition

• oligopoly