Mr. Lee Market Structures

What is a market structure?

• The organization of a market based on the number of firms

• The physical location of a market

• The type of goods sold in a market

• The legal regulations of a market.

In a market, who determines the supply?

• A) Buyers

• B) Sellers

• C) Consumers

• D) Investors

Goods or services that are not identical are found in ______ competition.

• Perfect

• Imperfect

• Monopolistic

• Oligopolistic

In imperfect competition, markets are often dominated by ______.

• Many producers

• A single or small number of producers

• No producers

• Infinite producers

In imperfect competition, which of the following is true?

• A) Goods are identical

• B) Markets are dominated by many producers

• C) Goods are not identical

• D) None of the above.

What market structure involves many producers and differentiated products?

• Monopoly

• Oligopoly

• Perfect Competition

• Monopolistic Competition

In which market structure is product differentiation 'Some' and advertising 'Yes'?

• A) Perfect Competition

• B) Monopolistic Competition

• C) Oligopoly

• D) Pure Monopoly

Fill in the blank: In Perfect Competition, the influence on price is ____.

• Extensive

• Some

• None

• Limited

Fill in the blank: The pharmaceutical industry is an example of a ________ monopoly.

• Natural

• Protected

• Unregulated

• Competitive

A ______ is a legal entity that is separate and distinct from its owners.

• A) Sole Proprietorship

• B) Partnership

• C) Corporation