Market Structures Homework

Front

This market structure is characterized by the lowest level of competition among producers.

Back

monopoly

Front

It is the most ideal market structure.

Back

perfect competition

Front

All of the following are characteristics of monopolistic competition except ___.

Back

There are many barriers to entry and exit.

Front

List the four market structures in the order from least competitive to most competitive.

Back

Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition

Front

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

Back

Barriers to entry

Front

An industry or market that is dominated by a few firms is

Back

an Oligopoly

Front

The jeans industry would fall into what type of market structure? ( jeans are similar but there are some differences in the product)

Back

monopolistic competition

Front

Which scenario is an example of a monopoly? A local water company is the sole provider of water for a small town., A dry cleaner specializes in environmentally friendly cleaning methods., A farmer produces green beans for sale at a farmer's market., A small number of cereal companies produce most of the cereal on the market.

Back

A local water company is the sole provider of water for a small town.

Front

In the 1990s, AT&T controlled 80% of the phone industry and was the ONLY provider of long distance phone service. This is an example of

Back

A monopoly

Front

When a major car company lowers its prices, other car makers will probably

Back

lower their prices.