Market Structures

List the four market structures in the order from least competitive to most competitive.

• Oligopoly, Monopoly, Perfect Competition, Monopolistic Competition

• Perfect Competition, Oligopoly, Monopoly, Monopolistic Competition

• Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition

• Monopoly, Monopolistic Competition, Perfect Competition, Oligopoly

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

In which market structure is there the LEAST competition?

• Monopoly
• Oligopoly
• Monopolistic Competition
• Perfect Competition

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

• Water Utilities

• Departments Stores (Debenhams, John Lewis, M&S)

• Auto Industry (Ford, Vauxhall, BMW, Honda, Toyota)

• Airlines (BA, American Airlines, Cathay Pacific, Easy Jet)

An industry or market that is dominated by a few firms is

• a Monopoly

• an Oligopoly

• a Competitive market

A single supplier that constitutes the entire industry is an example of

• an Oligopoly

• a Competitive Market

• a Monopoly

Select all the kinds of barriers of entry:

• High capital costs (fixed costs)

• High sunk costs

• Strong brand image

• Patent

Markets with very few barriers to entry are usually

• Monopolies

• Oligopolies

• Competitive Markets

A market structure where each firm is a small part of the total industry in which it operates is

• an oligopoly

• a monopoly

• a competitive market

• monopolistic competition