Market Structures and Competition Review

A decrease in competition within an industry often results in

• more efficient resource allocation

• lower prices

• a firm wielding economic and political power

• increased output

If a person gets a patent on a product that product is in which market structure?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

A ton of companies make clothing but some brands are able to charge more because of perceived status or quality. this puts them in which market structure

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

An industry that is dominated by a few large firms is 

• monopolistic competition.
• a monopoly.
• perfect competition.
• an oligopoly.

The farmers' market is an example of _______________.

• a monopoly.

• a purely/perfectly competitive market.

• an oligopoly.

• a monopolistic competition.

How many firms are there in a perfect competition?

• 1
• 2-5
• Many

pure competition and monopoly are...

• the same

• almost the same

• should not be compared

• opposites

Which of these market structures has the least control over price in the marketplace?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

In which market structure is there the MOST competition?

• Monopoly
• Oligopoly
• Monopolistic Competition
• Perfect Competition

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