Chapter 5 Vocabulary Quiz (Market Structures)

Describes the key characteristics of a market, which include the number of firms and the similarity of the products they sell

A market structure in which a large number of small firms sell identical products, and entry into the market is easy.

An obstacle that makes it difficult for a new firm to enter a market.

A seller that has not control over the price of the product it sells.

A market structure in which a single seller sells a unique product.

A market in which the average cost of a production is lowest when only one firm supplies a good or service.

A seller that does not consider competition when setting its price.

A market structure characterized by many small sellers, a differentiated product, and easy market entry.

The process of creating differences between similar goods and services.

A market structure characterized by a few large sellers, either of an identical or differentiated product, and difficult market entry.