Competition and Market Structures

Google is an example of a

• oligopoly

• monopoly

• pure / perfect competition

• monopolistic completion

Car producers are an example of

• monopoly

• oligopoly

• monopolistic competition

• pure / perfect competition

Oligopolies and monopolies are the same because ________.

• They both have many buyers and sellers.

• They both are the only sellers of their product.

• They both have identical products.

• They both have high barriers to entry.

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

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

• supply/demand

• the stock market

• celebrity endorsements

• 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

The main characteristics of a Monopolistic Competition include..

• buyers not well-informed on products

• strict gov't regulations

• buyers purchase based on brand loyalty

• producers differentiate their products to show superiority

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