APPLIED ECONOMICS ONLINE QUIZ

Market structure characterized by a large number of small firms, having a homogeneous product, a very easy entry or exit from the market.

It is a market structure characterized by a single seller or producer, a unique product and impossible entry into the market. Unlike perfect competition, there are no close substitutes for monopolist’s product

It is a type of market structure characterized by many small firms, differentiated products and easy market entry and exit.

It is a market structure characterized by a few sellers, either a homogeneous or a differentiated product and a difficult market entry.

If Company ABC competes with several firms in the industry but with product homogeneous on shelves, what market structure does it enter?

If BCX Company competes with few large firms in the industry but with differentiated products on shelves, what market structure does it enter?

If there are several barriers on the entry and exit of firms in the industry due to huge amount of capital needed, what market structure are they in?

If Company XYZ is the only provider of electricity energy in Metro Manila, what market structure does it join?

ABM Supermarket has joined many and small marketers in the industry with several competitors selling the same products. What market structure it has joined?

If ABM firm sells its differentiated products in a market, with many sellers and buyers, the structure is a/an