Market Structures

Front

How many firms are there in a perfect competition?

Back

Many

Front

Why does no one firm dominate in a perfect competition?

Back

Each firm produces so little of the total supply that they cannot influence prices.

Front

Factors that make it difficult for new firms to enter a market are called

Back

Barriers to entry

Front

How many firms are there in a monopoly?

Back

1

Front

What prevents firms from entering a monopoly?

Back

Barriers to Entry

Front

An industry that is dominated by a few large firms is

Back

an oligopoly.

Front

Businesses can "Collude" or work together to set prices. Options: Oligopoly, Monopoly, Perfect Competition

Back

Oligopoly

Front

A market structure characterized by firms producing similar product with easy entry into the market

Back

Monopolistic Competition

Front

Choose the example that goes best with an oligopoly: apples, cell phone providers, utilities, clothing

Back

cell phone providers

Front

Which of the following industries is an example of a monopoly? utilities/water, department stores, auto industry, commercial airlines

Back

utilities/water