Market Structures

Barry's Banana Farm is an example of which market structure?

• monopoly

• oligopoly

• perfect competition

• monopolistic competition

Nike and Adidas are examples of which type of market structure?

• monopoly

• oligopoly

• perfect competition

• monopolistic competition

What type of company is an example of a monopoly?

• power company

• candy company

• soda company

• bread company

A market with only one seller for a specific good is considered?

• monopoly

• oligopoly

• monopolistic competition

• perfect competition

Wireless carriers would be an example of this type of market structure?

• monopoly

• oligopoly

• monopolistic competition

• perfect competition

Why are oranges considered a commodity?

• They are the same no matter who produces them

• They are easily produced

• They are not expensive

• They are inelastic

Barriers to entry for a monopoly are considered

• low

• difficult

• high

• complete

Why are there many firms in the perfect competition market structure?

• Because the goods are cheap in this market structure

• Because anyone can produce the goods in this market structure

• Because the goods are elastic in this market structure

• Because the goods are inelastic in this market structure

Which product might be produced by an oligopoly?

• automobiles

• candy

• jeans

• milk

Why does the government issue patents? (check all that apply)

• To reward innovators for their hard work

• To take away competition

• To protect intellectual ideas

• To impose regulations on competing companies