Market Structures Review

How many firms are there in a perfect competition?

• 1
• 2-5
• Many

Why does no one firm dominate in a perfect competition?

• No firm wants to
• Each firm sells to different people
• Each firm produces so little of the total supply that they cannot influence prices
• One firm will eventually dominate and make it a monopoly

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

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

An industry that is dominated by a few large firms is 

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

Choose the example that goes best with an oligopoly.

• apples
• cell phone providers
• utilities
• clothing

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

A market that has a few sellers of basically the same goods.

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly

Public utilities are an example.

• Perfect Competition

• Natural Monopoly

• Monopolistic Competition

• Oligopoly

In monopolistic competition there are many buyers and sellers

• True
• False

In which market structure is there the LEAST competition?

• Monopoly
• Oligopoly
• Monopolistic Competition
• Perfect Competition