Market Structures

In perfect competition, the product is differentiated

• True
• False

In monopolistic competition there are many buyers and sellers

• True
• False

Non-price competition is the use of ads, giveaways, or promotions to win customers

• True
• False

The jeans industry would fall into what type of market structure? ( jeans are similar but there are some differences in the product)

• monopoly
• oligopoly
• perfect competition
• monopolistic competition

Factors that make it difficult for new firms to enter a market are called

• Barriers to entry
• Factors of production
• Limited supply
• Monopolistic Outlook

Choose the example that goes best with an oligopoly.

• apples
• cell phone providers
• utilities
• clothing

The jeans industry would fall into what type of market structure? ( jeans are similar but there are some differences in the product)

• monopoly
• oligopoly
• perfect competition
• monopolistic competition

A market that has a few sellers of basically the same goods.

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly

Public utilities are an example. (Power Co.)

• Perfect Competition

• Natural Monopoly

• Monopolistic Competition

• Oligopoly

If a single firm raises its price it will not be able to sell any of its output.

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly