In a Perfect Competition, products are basically..

• differentiated

• identical

• similar

• opposite

In a Perfect Competition, the biggest factor in setting price levels is..

• supply/demand

• the stock market

• celebrity endorsements

• price of substitute products

In a market that is in Perfect Competition, you would normally find ___

• few barriers to entry- easy to enter/exit the market

• difficulty in entering the market

• government regulations restricting new producers

• high taxes and fees making it too expensive to enter

In Monopolistic Competition you would find that purchases are made generally based on __

• supply/demand

• brand loyalty

• price

• price of substitute products

The ways in which the competitors try to gain new customers in a Monopolistic Competition is by __

• showing their product is superior

• using famous spokespeople to endorse their product

• better prices

• getting the gov't to put competitors out of business

The main characteristics of a Monopolistic Competition include..

• buyers not well-informed on products

• strict gov't regulations

• buyers purchase based on brand loyalty

• producers differentiate their products to show superiority

An Oligopoly is when there are

• few producers who control the market

• only one producer

• an open market with plenty of producers

• a market that hasn't yet been discovered

In an oligopoly, when a few producers join forces publicly to control pricing and production levels (btw: it's illegal in the US)

• COLLUSION

• CARTEL

• TRUST

• FEDERATION

The market for agricultural produce is an example of:

• monopoly

• oligopoly

• monopolistic competition

• perfect competition

Coke and Pepsi are the main producers and control the soda market, though there are dozens of other soda companies out there. This is an example of:

• Oligopoly

• Monopoly

• Monopolistic Competition

• Perfect Competition