Market Structures Review

An economic model of competition among businesses in the same industry is called...

• Monopoly

• Merger

• Market Structure

• Sole Proprietorship

Each below is an example of an Oligopoly except...

• Few Sellers

• Lots of freedom to enter or exit the market

• Many Buyers

• More control of Prices

Which statement below is NOT true about monopolies

• All monopolies are harmful

• Businesses in monopolies are 'Price Makers'

• Only one seller sells a product with no close substitutes

• The least competitive market structure is a monopoly

The ideal model of a market economy is known as...

• Monopolistic Competition

• Oligopoly

• Monopoly

• Perfect Competition

A business that cannot set the prices for its products but accepts the market price that is set by Supply and Demand

• Sole Proprietorship

• Price Taker

• Cartel

• Price Maker

The means of gaining business by using factors other than price

• Nonprice Competition

• High Start-Up Costs

• Rationing

• Black Market

A producer's demand for labor is called...

• Supply and Demand

• Minimum Wage

• Market Allocation

• Derived Demand

The most important laws that promote competition are collectively called...

• Non-Price Competition

• Monopolistic Competiton

• Anti-Trust Legislation

• Price Fixing

A business organization owned and controlled by one person

• Partnership

• Corporation

• Sole Proprietorship

• Franchise

When businesses set prices below cost for a time to drive competitors out of a market

• Predatory Pricing

• Perfect Competition

• Regulation

• Non-Price Competition