Eco Unit 3 Test

There are very high barriers these two structures

• monopoly

• monopolistic competition

• oligopoly

• pure / perfect competition

There are many buyers AND sellers in this market structure.

• monopoly

• monopolistic competition

• oligopoly

• pure/perfect competition

Their is only one supplier in this market structure.

• monopoly

• monopolistic competition

• oligopoly

• pure / perfect competition

Which structure uses differentiation to make its products unique?

• monopoly

• monopolistic competition

• oligopoly

• pure / perfect competition

Differentiation is _________________.

• having identical products.

• copying another business.

• small differences that make your product unique.

• having control of the market value.

Fast food restaurants are an example of _______________.

• differentiation.

• monopolistic competition.

• pure / perfect competition.

• monopolies.

The farmers' market is an example of _______________.

• a monopoly.

• a purely/perfectly competitive market.

• an oligopoly.

• a monopolistic competition.

Airlines are examples of _________________.

• purely / perfectly competitive markets.

• monopolies.

• oligopolies.

• monopolistic competition.

The 4 conditions for a purely / perfectly competitive market are:

• The products are identical.

• Buyers know a lot about the product.

• The sellers control the market price.

• Sellers can enter and exit the market easily.

• There are many buyers and sellers.

Monopolies can control the price of a product because ______.

• They are evil.

• They are illegal.

• The have a unique product.

• The government supports them.