Market Structure Quiz

What is the characteristic of perfect competition market structure?

• Single seller with no close substitutes

• High barriers to entry

• Many firms producing identical products

• Differentiated products

In which market structure do firms compete not just in price but also in product differentiation?

• Perfect competition

• Monopoly

• Monopolistic competition

• Oligopoly

What is a unique characteristic of an oligopoly market structure?

• Firms are interdependent

• Single seller with no close substitutes

• Perfectly elastic demand curves

• High barriers to entry

What is the most common example of a regulated monopoly?

• Shampoo market

• Automobile market

• Wheat production industry

• Local electrical power provider

What is the characteristic of monopolistic competition market structure?

• High barriers to entry

• Products are differentiated

• Many firms producing identical products

• Firms are interdependent

What is the characteristic of oligopoly market structure?

• Many firms producing identical products

• Firms are interdependent

• Single seller with no close substitutes

• High barriers to entry

What is the characteristic of monopoly market structure?

• Many firms producing identical products

• Firms are interdependent

• High barriers to entry

• Single seller with no close substitutes

What is the characteristic of perfect competition market structure?

• High barriers to entry

• Many firms producing identical products

• Products are differentiated

• Firms are interdependent