Market Structure Quiz

Which type of market structures has many many producers(companies) that sell identical products and has no control over price?

• perfect competition
• monopolistic competition
• oligopoly
• monopoly

List the four market structures in order from least competitive to most competitive.

• Oligopoly, Monopoly, Perfect Competition, Monopolistic Competition
• Perfect Competition, Oligopoly, Monopoly, Monopolistic Competition
• Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition
• Monopoly, Monopolistic Competition, Perfect Competition, Oligopoly

When a major car company lowers its prices, other car makers will probably 

• maintain existing prices.
• raise their prices.
• go out of business.
• lower their prices.

Which scenario is an example of a monopoly? 

• A local water company is the sole provider of water for a small town.
• A dry cleaner specializes in environmentally friendly cleaning methods.  
• A farmer produces green beans for sale at a farmer's market.
• A small number of cereal companies produce most of the cereal on the market.

In the 1990s, AT&T controlled 80% of the phone industry and was the ONLY provider of long distance phone service. This is an example of

• A monopoly
• Monopolistic Competition
• Perfect Competition
• Oligopoly

Which type of market structures has very few producers(companies) that control the majority of the market?
Hint: think of the soda market

• perfect competition
• monopolistic competition
• oligopoly
• monopoly

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

In perfect competition, the product is differentiated

• True
• False

Was the class time spent on market structres?

• Too little:

  I still have many questions

• About right: I just have a few questions I can ask after class

• Perfect: I feel I understand market structures

• Too much time