EPF 1.2

The market structure is determined by _________ in the market

• number of products

• type of government

• competition

• traditional values

In this type of market structure there is only ONE producer

• Perfect Competition
• Monopolistic Competition
• Oligopoly
• (Pure) Monopoly

In this market structure there are very few number of producers

• Monopoly
• Perfect Competition
• Oligopoly
• Monopolistic Competition

In this market structure there are many producers with similar but not identical products (ex - restaurants, clothing industry)

• Perfect Competition
• Monopolistic Competition
• Oligopoly
• Monopoly

In this market structure there are many producers that make the exact same type of product (this one does not really exist in society)

• Monopolistic competition
• Oligopoly
• Monopoly
• Perfect competition

The highest point in the business cycle

• Peak
• Trough
• Expansion
• Recession

The lowest point in the business cycle

• Peak
• Expansion
• Recession
• Trough

The assignment of different parts of a manufacturing process or task to different people in order to improve efficiency

• Division of Labor
• Economic Efficiency
• Product Differentiation
• Market Segmentation

The process wherein a company or individual decides to focus their labor on a specific type of production

• Specialization
• Diversification
• Globalization
• Monopolization

In the business cycle, it is the section where the economy is actively growing

• Expansion

• Contraction

• Peak

• Trough