Market Structures Quiz

Which market structure is characterized by a very large number of small sellers and homogeneous products?

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect Competition

What type of products are typically found in a monopolistic competition market structure?

• Unique

• Homogeneous

• Slightly Differentiated

• Highly Differentiated

In which market structure are there high barriers making it difficult for new firms to enter?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

Which of the following is an example of a market structure where one seller only exists and the product is unique?

• Oligopoly

• Monopolistic Competition

• Perfect Competition

• Monopoly

Which real-world example best fits the market structure of Monopoly?

• Agricultural products

• Fashion Boutiques

• Public utilities

• Car manufacturing

Which market structure features a few large producers with significant market power?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

What is a key characteristic of products in a perfectly competitive market?

• Highly Differentiated

• Unique

• Homogeneous

• Slightly Differentiated

In which market structure do firms have the most freedom to set prices?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

Match the following characteristics for each market structure:

• Only one seller

• Monopoly

• a few large sellers dominate the market

• Perfect Competition

• very large number of small sellers

• Monopolistic Competition

• large number of small sellers

• Oligopoly

Match the following characteristics for each market structure:

• differentiated

• Monopolistic Competition

• Unique

• Perfect Competition

• Homogeneous

• Oligopoly

• Could be homogeneous or differentiated

• Monopoly