Market Structures

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

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

Businesses can "Collude" or work together to set prices

• Oligopoly
• Monopoly
• Perfect Competition

Which of the following industries is an example of a monopoly?

• utilities/water

• department stores

• auto industry

• commercial airlines

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

When firms agree to charge the same or similar prices for a product, this is known as

• price-fixing

• independent behavior

• natural monopoly

• laissez-faire

Perfect competition is characterized by

• a large number of sellers and buyers.
• diverse products.
• sellers acting together to set prices.
• uninformed buyers and sellers.

ABC, CBS, FOX and NBC are a great example of this market structure

• Perfect Competition
• Imperfect Competition
• Oligopoly
• Monopoly

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

• True
• False

Which of the following is NOT a Market Structure?

• Perfect Competition

• Oligopoly

• Monopoly

• Corporation

This is the first Federal Law passed to control competition

• Glass-Steagall Act

• Sherman Anti-Trust Act

• Social Security Act

• Clayton Act