Market Structure Definitions

An industry that is dominated by a few large firms is 

• monopolistic competition.

• a monopoly.

• perfect competition.

• an oligopoly.

Businesses can "Collude" or work together to set prices

• Oligopoly

• Monopoly

• Perfect Competition

A market that has a few sellers of basically the same goods.

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly

Firms in this kind of market produce goods that are very close substitutes.

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly

Match statements below to the market to which it most closely relates. (Must be placed in alphabetical order.)

a

c

d

f

i

g

h

e

j

b

Benefits sellers

Similar products

Potential for collusion

Highest prices

Most price control for buyers

Most common type of market

Similar products with higher prices

Benefits buyers

Lowest prices

Most price control for sellers

Answer explanation

StarKist Co. agreed to plead guilty to a felony price fixing charge as part of a broad collusion that included Bumble Bee Foods and Chicken of the Sea. A federal judge in San Francisco ordered StarKist to pay a $100 million fine in a canned tuna price-fixing conspiracy involving the industry's top three companies.

Match statements below to the market to which it most closely relates. (Must be placed in alphabetical order.)

a

c

d

f

i

g

h

e

j

b

Lowest prices

Potential for collusion

Similar products with higher prices

Most common type of market

Benefits buyers

Highest prices

Similar products

Most price control for sellers

Benefits sellers

Most price control for buyers

Answer explanation

StarKist Co. agreed to plead guilty to a felony price fixing charge as part of a broad collusion that included Bumble Bee Foods and Chicken of the Sea. A federal judge in San Francisco ordered StarKist to pay a $100 million fine in a canned tuna price-fixing conspiracy involving the industry's top three companies.

A ​ (a)   is when a business controls all of the

supply of products or services of an industry.

• monopoly

• franchise

• nationalized

• cottage industry

Tags

#Gilded Age-monopolies

Label the continuum of market structures.

a

b

c

d

Monopoly

Monopolistic Competition

Oligopoly

Pure Competition

Choose the example that goes best with an oligopoly.

• apples

• cell phone providers

• utilities

• clothing

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

• monopoly

• oligopoly

• perfect competition

• monopolistic competition