Economics - Market Structure

Which of the following is NOT a Market Structure?

• Perfect Competition

• Oligopoly

• Monopoly

• Corporation

Which market structure involves selling identical products?

• Perfect Competition
• Monopolistic Competition
• Oligopoly
• Monopoly

Markets like automobiles, cell phones, cable TV, and internet providers are examples of which market structure?

• Monopoly

• Oligopoly

• Perfect competition

• Monopolistic competition

How many firms are there in a perfect competition?

• 1
• 2-5
• Many

Why does no one firm dominate in a perfect competition?

• No firm wants to
• Each firm sells to different people
• Each firm produces so little of the total supply that they cannot influence prices
• One firm will eventually dominate and make it a monopoly

An industry that is dominated by a few large firms is 

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

Cartels are illegal in the United States.

• True
• False

Which is NOT a characteristic of perfect competition?

• difficult entry into the market
• many sellers
• identical product
• no control over price  

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