Market Structures

What is a market structure?

• Market structure is the physical location where goods are bought and sold.

• Market structure is the organizational and other characteristics of a market that determine the behavior of firms within it.

• Market structure is the process of building a physical structure to house a market.

• Market structure refers to the weather conditions in which a market operates.

Name the four main types of market structures.

• monopole

• monopsony

• perfect competition, monopolistic competition, oligopoly, monopoly

• duopoly

• perfect monopoly

Which market structure has a large number of firms selling differentiated products?

• Monopoly

• Oligopoly

• Monopolistic competition

• Perfect competition

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

• Monopoly

• Monopolistic competition

• Perfectly competitive market

• Oligopoly

What is a monopoly?

• A monopoly is a type of government system where power is concentrated in the hands of a single ruler.

• A monopoly is a board game where players buy and trade properties to become the wealthiest player.

• A monopoly is a term used to describe a situation where multiple companies compete in a market.

• A monopoly is a situation in which a single company or group owns all or nearly all of the market for a particular type of product or service.

What is an oligopoly?

• An oligopoly is a market structure where a small number of firms have significant market power, leading to limited competition.

• An oligopoly is a market structure where there is perfect competition among firms.

• An oligopoly is a market structure where consumers have significant market power.

• An oligopoly is a market structure where a single firm dominates the market.

What is monopolistic competition?

• Monopolistic competition is a market structure where many firms sell similar but not identical products, giving each firm some degree of market power.

• Monopolistic competition is a market structure where firms sell identical products.

• Monopolistic competition is a market structure where only one firm dominates the market.

• Monopolistic competition is a market structure where there is no competition among firms.

What is perfect competition?

• Perfect competition is a market structure where firms have complete control over setting prices

• Perfect competition is a market structure characterized by many small firms selling identical products, no barriers to entry or exit, price takers, and perfect information.

• Perfect competition is a market structure characterized by a single dominant firm controlling the market

• Perfect competition is a market structure where firms produce differentiated products

Which market structure has the highest level of competition?

• Monopoly

• Oligopoly

• Perfect competition

• Monopolistic competition

Which market structure has the least level of competition?

• Monopoly

• Monopolistic competition

• Perfect competition

• Oligopoly