Markets, Monopolies, Market Failure

Monopolies are

• Price Takers

• Price Makers

Perfect competition is best described as a market with

• few firms producing essentially the same product

• many firms producing essentially the same product

• many firms producing very different products

• few firms producing very different products

What is the main characteristic of a monopoly market?

• Only one seller or producer

• Limited government intervention

• Perfect competition

• Multiple sellers or producers

A market structure in which a few large firms dominate a market.

• Oligopoly

• Monopoly

• Monopolistic Competition

• Perfect Competition

A market structure in which many companies sell products that are similar but not identical.

• Monopolistic Competition

• Oligopoly

• Monopoly

• Perfect Competition

Choose the example that goes best with an oligopoly.

• apples
• cell phone providers
• utilities
• clothing

In which market structure is there the MOST competition?

• Monopoly
• Oligopoly
• Monopolistic Competition
• Perfect Competition

List the four market structures in order from least competitive to most competitive.

• Oligopoly, Monopoly, Perfect Competition, Monopolistic Competition
• Perfect Competition, Oligopoly, Monopoly, Monopolistic Competition
• Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition
• Monopoly, Monopolistic Competition, Perfect Competition, Oligopoly

Postal service

• Natural monopoly
• Government monopoly
• Technological monopoly
• Geographic monopoly

Exists when there are no other producers within a certain region

• Natural monopoly
• Government monopoly
• Technological monopoly
• Geographic monopoly