Market Structures

Front

How many firms are there in a perfect competition?

Back

Many

Front

Why does no one firm dominate in a perfect competition? Options: No firm wants to, Each firm sells to different people, Each firm produces so little of the total supply that they cannot influence prices, One firm will eventually dominate and make it a monopoly

Back

Each firm produces so little of the total supply that they cannot influence prices

Front

Factors that make it difficult for new firms to enter a market are called

Back

Barriers to entry

Front

How many firms are there in a monopoly?

Back

1

Front

What prevents firms from entering a monopoly?

Back

Barriers to Entry

Front

An industry that is dominated by a few large firms is

Back

an oligopoly.

Front

Businesses can "Collude" or work together to set prices. Options: Oligopoly, Monopoly, Perfect Competition

Back

Oligopoly

Front

A market structure characterized by firms producing similar product with easy entry into the market

Back

Monopolistic Competition

Front

Choose the example that goes best with an oligopoly: apples, cell phone providers, utilities, clothing

Back

cell phone providers

Front

Which of the following industries is an example of a monopoly?
utilities/water, department stores, auto industry, commercial airlines

Back

utilities/water