Market Structures and Competition Review

Which of the following Market structures has the most sellers?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

If a town has only one gas station then the market for gas in that town is in which market structure?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

Which of these market structures has the least control over price in the marketplace?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

5 cell phone makers control about 85% of the market for cell phones so they are in what market structure:

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

A ton of companies make clothing but some brands are able to charge more because of perceived status or quality. this puts them in which market structure

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

In this market structure there is little of no difference between the product no matter what company produces it?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

If a person gets a patent on a product that product is in which market structure?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

Which market structure has the least competition in the marketplace?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

When a market has more competition between firms in the market what will happen to price for the product in that market?

• It will rise

• It will fall

• stays the same

• Unknowable

How many firms are there in a perfect competition?

• 1
• 2-5
• Many