Market Structures

This market structure is characterized by the lowest level of competition among producers.

• monopolistic competition

• monopoly

• oligopoly

• perfect competition

List the four market structures in the 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

An industry or market that is dominated by a few firms is

• a Monopoly

• an Oligopoly

• a Competitive market

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

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.

Suppose that company XYZ produces an undifferentiated product in a single plant in a highly competitive market. The price is determined by market factors like demand and supply.

• monopoly

• monopolistic competition

• oligopoly

• perfect competition

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.

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

Price Discrimination cannot persist under the following

• Perfect Competition

• Monopolistic

• Monopoly

• Oligopoly

A firm with market power engages in price discrimination to:

• earn a higher profit
  
• increase consumer surplus
  
• decrease deadweight loss
  
• make its demand more elastic