Micro: Market Structures

In a perfectly competitive market, how many producers are there typically?

• Many
• One
• Few
• None

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

• Identical
• Limited
• Unique
• Varied

What type of market structure has complete control over the price?

• Monopoly
• Perfect Competition
• Monopolistic Competition
• Oligopoly

In a monopolistically competitive market, are products exactly the same?

• No
• Depends
• Sometimes
• Yes

What does oligopoly mean in terms of the number of producers?

• Few
• Many
• Only One
• None

What makes oligopoly the most complicated type of market structure to operate in?

• Mutual interdependence
• Small market share
• High number of producers
• Lack of competition

What is a key characteristic of a monopolistic market?

• Unique product
• Identical products
• Low barriers to entry
• High competition

What differentiates monopolistic competition from perfect competition?

• Products are not identical
• Identical products
• High barriers to entry
• Low number of producers

What allows for easy entry and exit of firms in a perfectly competitive market?

• Free entry and exit
• Limited production
• Barriers to entry
• Monopoly control

What type of market structure has a continuum with two extreme ends of perfect competition and monopoly?

• Monopolistically Competitive
• Monopoly
• Perfect Competition
• Oligopoly