Competition and Market Structure

Which market structure has the least market control?

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect Competition

In a monopoly, the number of competitors is ____.

• Many

• Few

• One

• None

Which of the following is a condition for pure competition?

• A) Few buyers and sellers

• B) Sellers offer unique products

• C) Buyers & sellers are well informed about products

• D) Difficult market entry and exit.

Sellers are able to enter and exit the market ______ in pure competition.

• A) with difficulty

• B) easily

• C) rarely

• D) never

In a monopoly, what prevents other firms from entering the market?

• High competition

• Barriers

• Low demand

• Multiple substitutes

What is a government monopoly?

• A monopoly created by private companies

• A monopoly created by the government

• A monopoly created by technological advancements

• A monopoly created by industrial organizations.

Which type of monopoly is associated with patents?

• Government monopoly

• Technological monopoly

• Franchise

• Industrial organization

Fill in the blank: Price discrimination involves offering different prices to different ______.

• A) Products

• B) Markets

• C) Customers

• D) Companies

Firms in monopolistic competition have ______ control over price.

• complete

• little

• total

• no

Fill in the blank: Non-price competition includes methods like advertising and ______.

• Lowering prices

• Physical Characteristics

• Increasing taxes

• Reducing staff