EPF Unit 1 Market Structures

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

List the four market structures in the order from least competitive to most competitive: Oligopoly, Monopoly, Perfect Competition, Monopolistic Competition.

Back

Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition

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? Options: 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.

Front

What is monopolistic competition?

Back

many companies selling similar but not identical products

Front

What happens to a monopolistically competitive firm that begins to charge an excessive price for its product?

Back

Consumers will substitute a rival’s product.