Market Structures 2

In a Perfect Competition, products are basically..

• differentiated

• identical

• similar

• opposite

In a Perfect Competition, the biggest factor in setting price levels is..

• supply/demand

• the stock market

• celebrity endorsements

• price of substitute products

In a market that is in Perfect Competition, you would normally find ___

• few barriers to entry- easy to enter/exit the market

• difficulty in entering the market

• government regulations restricting new producers

• high taxes and fees making it too expensive to enter

In Monopolistic Competition you would find that purchases are made generally based on __

• supply/demand

• brand loyalty

• price

• price of substitute products

An Oligopoly is when there are

• few producers who control the market

• only one producer

• an open market with plenty of producers

• a market that hasn't yet been discovered

The market for agricultural produce is an example of:

• monopoly

• oligopoly

• monopolistic competition

• perfect competition

Coke and Pepsi are the main producers and control the soda market. This is an example of:

• Oligopoly

• Monopoly

• Monopolistic Competition

• Perfect Competition

Buyers have few choices when it comes down to satellite TV and internet providers. Basically, the producers are pretty much the same. This is an example of

• monopoly

• oligopoly

• monopolistic competition

• perfect competition

Your family can only get electricity or natural gas to their home through one provider. There is no other option. This is an example of_

• monopoly

• monopolistic competition

• oligopoly

• perfect competition

In which market structure is there the LEAST competition?

• Monopoly
• Oligopoly
• Monopolistic Competition
• Perfect Competition