Market Structure Review

Organize the following market structure types from most competitive to the least competitive:

• perfect competition

• monopolistic competition

• oligopoly

• monopoly

Organize these options into the right categories

Groups:

(a) No or low barriers to entry

,

(b) High barriers to entry

• Monopoly

• Perfect competition

• Monopolistic competition

• Oligopoly

Organize these options into the right categories

Groups:

(a) Homogenous products

,

(b) Differentiated products

,

(c) Homogenous OR differentiated products

,

(d) One single product

• monopoly

• monopolistic competition

• perfect competition

• oligopoly

Organize these options into the right categories

Groups:

(a) Is allocatively inefficient

,

(b) Is allocatively efficient

• monopolistic competition

• monopoly

• oligopoly

• perfect competition

​ (a)   is a market structure where there is a very large number of small firms, producing ​ (b)   products, with ​ (c)   to entry or exit, and perfect information. All the firms are thus price ​ (d)   .

• Perfect competition
• homogenous
• no barriers
• takers
• Monopolistic competition
• differentiated
• high barriers
• makers

​ (a)   is a market structure where there are many sellers, producing ​ (b)   products, with ​ (c)   to entry.

• Monopolistic competition
• differentiated
• no barriers
• oligopoly
• homogenous
• high barriers

​ (a)   is a market structure where there are a few ​ (b)   firms that dominate the market, with ​ (c)   to entry. They are price ​ (d)   .

• Oligopoly
• large
• high barriers
• makers
• Monopoly
• Monopolistic competition
• small
• low barriers
• takers

​ (a)   is a market structure where there is only ​ (b)   firm in the industry, so the firm is the industry. There are ​ (c)   to entry. They are price ​ (d)   .

• Monopoly
• one
• high barriers
• makers
• Monopolistic competition
• two
• Duopoly
• low barriers
• takers