Economics Quiz. repost 2. market strucures

What are the 4basic market structure options?

• Perfect competition

• Monopolistic competition

• Oligopoly

• Monopoly

• all of the choices

Which 3 are the types of imperfect competition?

• Perfect competition

• Monopolistic competition

• Oligopoly

• Monopoly

Obstacles to competition that prevent others from entering a market include:

• Economics of scale

• Deregulation

• Barriers to entry

• Market structure

Providers of utilities or cable are examples of:

• Perfect Competition

• Technological monopolies

• Geographic monopolies

• Natural monopolies

Horizontal integration occurs in business when a company:

• Acquires ownership or control over other companies in the same business.

• Controls all aspects of the production and distribution of its product supply chain.

• Creates locally owned franchises.

• Uses scientific management techniques to increase efficiency.

Low productions costs resulting from large size of input is known as:

• Perfect competition

• Economics of scale

• Market structure

• Barriers to entry

Exclusive right to make, use or sell an invention for a specified number of years

• Cartel

• Patent

• Copyright

• Merger

Single seller no substitutes no entry into market AND almost complete control over price

• What are the 4 basic market structure

• What are four characteristics or a monopoly

• What are the 3 types of imperfect competition?

• What is the purpose of the Sherman antitrust act

A combined company that results when one corporation buys more than half the stock of another corporation and, thus, controls the second corporation

• Copyright

• Patent

• Merger

• Cartel

The extent to which competition prevails in particular markets

• Economics of scale

• Market structure

• Barriers to entry

• Deregulation