Market Structures

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

• monopoly

• oligopoly

• perfect competition

• monopolistic competition

This market structure has 3-4 companies that dominate 70-80% of the industry. 

• Monopoly

• Monopolistic Competition

• Perfect Competition

• Oligopoly 

List the four market structures in order from least competitive to most competitive.

• Oligopoly, Monopoly, Perfect Competition, Monopolistic Competition

• Perfect Competition, Oligopoly, Monopoly, Monopolistic Competition

• Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition

• Monopoly, Monopolistic Competition, Perfect Competition, Oligopoly

Which market structure is a "price taker"?

• perfect competition

• monopolistic competition

• oligopoly

• monopoly

What type of market structure has many producers (companies) that sell identical products and have no control over the price?

• perfect competition

• monopolistic competition

• oligopoly

• monopoly

In which market structure is there the LEAST competition?

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect Competition

Which market structure is characterized by a single seller?

• Oligopoly

• Perfect Competition

• Monopolistic Competition

• Monopoly

Which of the following scenarios is an example of a monopoly? 

• A local water company is the only water supplier for a small town.

• A dry cleaner specializes in eco-friendly cleaning methods. 

• A farmer grows green beans to sell at a farmers' market.

• A small number of cereal companies produce most of the cereals in the market.

In which market structure do companies have some control over prices due to product differentiation?

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect Competition

Non-price competition is the use of advertisements, gifts, or promotions to gain customers

• True

• False