Imperfect Competition

In this market structure there is only one seller with a unique product

• monopoly
• perfect competition
• monopolistic competition
• oligopoly

The airline industry is most likely in the market structure called

• perfect competition
• oligopoly
• monopolistic competition
• monopoly

Price fixing and collusion often occur in this type of market structure

• monopoly
• oligipoly
• perfect competition
• monopolistic competition

In this market structure there are many buyers and sellers with identical products

• perfect competition
• monopolistic competition
• monopoly
• oligopoly

One firm dominates the market is known as a:

• Monopoly
• Oligopoly
• Monopolistic Competition
• Pure Competition

Many companies selling very similar, but not identical products is known as:

• Monopoly
• Oligopoly
• Monopolistic Competition
• Pure Competition 

Petunia’s Pears sells pear cider. There is only one other seller in the market.

• monopoly

• monopsony

• monopolistic competition

• perfectly competitive

• oligopoly

The market for space travel has the possibility to be very profitable, but it is also likely to be imperfectly competitive.

Which of the following is the most likely reason that the space travel industry is imperfectly competitive?

• having no control over price

• low barriers to entry

• high profits

• high start-up costs

• low minimum efficient scale relative to the size of the market

All of the following are imperfectly competitive markets EXCEPT:

• monopolistic competition

• pure competition

• monopoly

• oligopoly

• monopsony

All of the following are barriers to entry EXCEPT:

• low costs

• high minimum efficient scale

• high fixed costs

• exclusive ownership of a key resource

• patents