Microeconomics Review

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

• monopolistic competition

• monopoly

• oligopoly

• perfect competition

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.

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

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.

MARKET DOMINATED BY A FEW, LARGE PROFITABLE FIRMS THAT COLLUDE TO FIX PRICES

• OLIGOPOLY

• MONOPOLY

• PERFECT COMPETITION

• MONOPOLISTIC COMPETITION

In which market are firm's products always exactly the same (otherwise known as homogeneous)?

• monopoly

• oligopoly

• monopolistic competition

• perfect competition

This industry should be described as which market structure?

• perfect competition

• oligopoly

• monopoly

• monopolistic competition

In the US, gasoline is only produced by 6 major producers. This market is closest to:

• perfect competition

• oligopoly

• monopoly

• monopolistic competition