Market Structures

What are the four primary types of market structures?

• Socialism, communism, capitalism, fascism

• Perfect competition, monopoly, oligopoly, and monopolistic competition

• Supply and demand, equilibrium, surplus, shortage

• Retail, wholesale, distribution, manufacturing

In which market structure do firms have no control over the price of their products?

• Perfect competition

• Monopolistic competition

• Oligopoly

• Monopoly

What is a characteristic of a monopoly market structure?

• Multiple sellers with identical products

• Only one seller with no close substitutes

• One seller with many close substitutes

• No barriers to entry for new firms

In which market structure do firms produce identical products and have no control over the price?

• Oligopoly

• Monopolistic competition

• Monopoly

• Perfect competition

What is a characteristic of an oligopoly market structure?

• Only one firm controlling the entire market

• A small number of large firms dominating the market

• No competition in the market

• A large number of small firms dominating the market

What is a characteristic of a monopolistic competition market structure?

• Limited number of firms

• Government control

• Differentiated products

• Identical products

What is the main goal of firms in a perfect competition market structure?

• Maximize profits

• Maximize consumer satisfaction

• Maintain a monopoly

• Minimize profits

What are some examples of industries that typically operate under an oligopoly market structure?

• Oil, agriculture, and retail industries

• Automobile, airline, and telecommunications industries

• Technology, entertainment, and healthcare industries

• Food, clothing, and construction industries

What are some examples of industries that typically operate under a monopolistic competition market structure?

• Technology

• Clothing, restaurants, and retail stores

• Oil and gas

• Healthcare