Market Structures Flashcard

Front

What is a common feature of an oligopoly?

Back

Mutual interdependence

Front

Which market structure typically results in the lowest prices for consumers? Options: Monopoly, Oligopoly, Perfect competition, Monopolistic competition

Back

Perfect competition

Front

Opportunity cost is best described as:

Back

The benefit of the next best alternative foregone

Front

Which market structure is characterized by a single seller with no close substitutes for the product?

Back

Monopoly

Front

In which market structure do many firms sell products that are similar but not identical?

Back

Monopolistic competition

Front

What is a key characteristic of perfect competition?

Back

Many buyers and sellers

Front

Which market structure has a few large firms that dominate the market?

Back

Oligopoly

Front

How does a monopoly determine the price of its product?

Back

By choosing a price to maximize profit

Front

Which market structure typically results in the lowest prices for consumers? Options: Perfect competition, Monopolistic competition, Monopoly, Oligopoly

Back

Perfect competition

Front

Which market structure can lead to inefficiencies due to lack of competition?

Back

Monopoly