In a Perfect Competition, products are basically..

• differentiated

• identical

• similar

• opposite

In a Perfect Competition, the biggest factor in setting price levels is..

• supply/demand

• the stock market

• celebrity endorsements

• price of substitute products

In a market that is in Perfect Competition, you would normally find ___

• few barriers to entry- easy to enter/exit the market

• difficulty in entering the market

• government regulations restricting new producers

• high taxes and fees making it too expensive to enter

In Monopolistic Competition you would find that purchases are made generally based on __

• supply/demand

• brand loyalty

• price

• price of substitute products

The ways in which the competitors try to gain new customers in a Monopolistic Competition is by __

• showing their product is superior

• using famous spokespeople to endorse their product

• better prices

• getting the gov't to put competitors out of business

An Oligopoly is when there are

• few producers who control the market

• only one producer

• an open market with plenty of producers

• a market that hasn't yet been discovered

The market for agricultural produce is an example of:

• monopoly

• oligopoly

• monopolistic competition

• perfect competition

Coke and Pepsi are the main producers and control the soda market. This is an example of:

• Oligopoly

• Monopoly

• Monopolistic Competition

• Perfect Competition

When buying produce at the grocery store, many people shop around for the best deal, because when it comes down to it, an apple is an apple. This is an example of:

• monopoy

• monopolistic competition

• oligopoly

• perfect competition

Buyers have few choices when it comes down to satellite TV and internet providers. Basically, the producers are pretty much the same. This is an example of

• monopoly

• oligopoly

• monopolistic competition

• perfect competition