Market Structures and Competition Practice Quiz

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

Differentiation is _________________.

• having identical products.

• copying another business.

• small differences that make your product unique.

• having control of the market value.

How many firms are there in a perfect competition?

• 1
• 2-5
• Many

Factors that make it difficult for new firms to enter a market are called

• Barriers to entry
• Factors of production
• Limited supply
• Monopolistic Outlook

How many firms are there in a monopoly?

• 1
• 2-5
• Many

An industry that is dominated by a few large firms is 

• monopolistic competition.
• a monopoly.
• perfect competition.
• an oligopoly.

A market structure characterized by firms producing similar product with easy entry into the market

• Perfect Competition
• Monopolistic Competition
• Monopoly

Which of the following industries is an example of a monopoly?

• utilities/water

• department stores

• auto industry

• commercial airlines

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