3.1.4.1 Market Structures

Which market structure is characterized by lower barriers to entry and more contestable markets?

• Monopoly

• Oligopoly

• Monopolistic competition

• Perfect competition

Which of the following is NOT an example of a barrier to entry?

• Economies of scale

• Brand loyalty

• Controlling important technologies

• High consumer demand

What is the effect of brand loyalty on demand elasticity?

• It makes demand more elastic

• It makes demand more inelastic

• It has no effect on demand elasticity

• It makes demand more volatile

What is one of the characteristics of a perfectly competitive market?

• Products are homogenous

• Products are highly differentiated

• There are high barriers to entry

• There is a single firm dominating the market

Which market structure has "Few dominant sellers"?

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect Competition

What type of product is associated with Monopolistic Competition?

• Branded

• Differentiated – many similar products

• Pure

• Homogeneous

What is one of the benefits of patents for businesses?

• Reduces competition

• Provides a source of monopoly power

• Increases market demand

• Lowers production costs

Which of the following is NOT a factor in determining market concentration?

• Sales

• Employment

• Number of firms

• Number of products

What was the market share of Sony Music Entertainment in 2014?

• 21.1%

• 22.3%

• 23.8%

• 17.7%

Which company had a revenue of 2.5 billion U.S. dollars in 2014?

• bet365

• Ladbrokes

• William Hill

• Paddy Power