Market Structures
Flashcard
•
Social Studies
•
12th Grade
•
Hard
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20 questions
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1.
FLASHCARD QUESTION
Front
What market structure is Mark participating in if he sells standardized corn at a local farmer's market with no control over the price? Options: monopolistic competition, oligopoly, perfect competition, monopoly
Back
perfect competition
2.
FLASHCARD QUESTION
Front
Under perfect competition, options include: products are similar but not identical, numerous restrictions prevent firms from entering the market, no seller can sell a product above the prevailing market price, a single seller can affect price.
Back
no seller can sell a product above the prevailing market price.
3.
FLASHCARD QUESTION
Front
Using the pizza store graphic, what market structure best fits the pizza industry? Options: Monopoly, Oligopoly, Perfect competition, Monopolistic competition
Back
Monopolistic competition
4.
FLASHCARD QUESTION
Front
Factors that make it difficult for new firms to enter a market are called
Back
Barriers to entry
5.
FLASHCARD QUESTION
Front
Which is NOT a characteristic of perfect competition? Options: difficult entry into the market, many sellers, identical product, no control over price
Back
difficult entry into the market
6.
FLASHCARD QUESTION
Front
Which of the following statements correctly identifies a difference between perfect competition and monopolistic competition?
Back
In perfect competition the firms all sell products that are exactly the same, but in monopolistic competition each firm sells a slightly differentiated product.
7.
FLASHCARD QUESTION
Front
In which market structure is there the MOST competition? Options: Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition
Back
Perfect Competition
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