Market Structures

What is the main characteristic of a monopoly?

• Low differentiation and many competitors

• Low differentiation and one competitor

• High differentiation and one competitor

• High differentiation and many competitors

What is the main characteristic of perfect competition?

• High differentiation and many competitors

• Low differentiation and many competitors

• High differentiation and one competitor

• Low differentiation and one competitor

What is the term for a market with a few sellers and some differentiation in products?

• Perfect competition

• Monopolistic competition

• Monopoly

• Oligopoly

Which market structure has a single seller with low differentiation in products?

• Monopoly

• Monopolistic competition

• Oligopoly

• Perfect competition

In which market structure can the seller set the price and quantity?

• Oligopoly

• Monopoly

• Perfect competition

• Monopolistic competition

What is the term for a market with many competitors and high differentiation in products?

• Oligopoly

• Monopoly

• Perfect competition

• Monopolistic competition

Which industry is an example of perfect competition?

• Unbranded PCs

• Branded computers

• Screw manufacturers

• Fine dining

Which industry is an example of an oligopoly?

• Unbranded PCs

• Screw manufacturers

• Branded computers

• Fine dining

Which industry is an example of monopolistic competition?

• Fine dining

• Branded computers

• Unbranded PCs

• Screw manufacturers

Which industry is an example of a monopoly?

• Fine dining

• Branded computers

• Unbranded PCs

• Screw manufacturers