APPLIED ECONOMICS REVIEW

A market structure were products are identical to competitors products

• Monopoly

• Monopolistic Competition

• Oligopoly

• Pure Competition

In this market structure, one competitor doesn't have an edge over the others since all sellers are equal

• Monopoly

• Monopolistic Competition

• Oligopoly

• Pure Competition

In this market structure, where one single firm dominates a market for a particular product

• Monopoly

• Monopolistic Competition

• Oligopoly

• Pure Competition

In this market structure, wherein only few firms dominates the market and also sells homogeneous products

• Monopoly

• Monopolistic Competition

• Oligopoly

• Pure Competition

A market situation wherein the firms cooperate with each other in determining products, outputs or both

• Collusive

• Non-collusive

• All of the above

• None of the above

Check all the characteristics of a monopoly

• they do not need to advertise their product

• they try to avoid price competition due to fear of price wars

• there must be no close substitutes for their products

• They are the price setters or makers not the price takers

In a perfect competition, products are ______ to competitors products.

This market structure is an industry with many firms offering goods and services that are quite similar but not identical

There are no significant barriers to entering and exiting the market in this market competition

restaurants, hair salons, clothing, and consumer electronics are examples under this market structure