Market Structures and Competition in Economics

If a single firm raises its price it will not be able to sell any of its output.

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly

The actions of an individual seller do not affect the overall supply or price of a good or service.

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly

In this market, the producer is the least responsive to buyers' needs and wants.

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly

Firms in this kind of market produce goods that are very close substitutes.

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly

In this market, a good is protected from competition by a patent.

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly

An action by one seller in this market will always affect all the others.

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly

Public utilities are an example.

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly

A monopoly based on the absence of other sellers in a certain location is called

• an oligopoly

• a natural monopoly

• a geographic monopoly

• economies of scale

Which of the following would be most likely be subject to government monopoly regulations?

• computer software company

• large oil company

• local restaurant

• local cable company

When firms agree to charge the same or similar prices for a product, this is known as

• price-fixing

• independent behavior

• natural monopoly

• laissez-faire