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WorksheetsMarket Structures 2
Total questions: 13
Worksheet time: 10mins
When trying to start a business and enter a certain product market, there are fees and licenses to apply for and equipment to purchase. These are all__
consumer products
factors of production
barriers to entry
supply & demand
The effort by sellers to agree to secretly set production levels or prices is called
cartel
antitrust
price leadership
collusion
The situation in which sellers undercut each other’s prices in an attempt to gain market share is called:
interdependent pricing
price war
price leadership
price competition
In economics and in the law, the term "trust" refers to ___
business owners that believe in the law
banks that loan funds to businesses
wealthy people who inherited their fortures
businesses that have become monopolies
The US Gov't passed "antitrust" laws in an effort to eliminate the ability for businesses to __
create new techonologies
enlarge profits
become a monopoly
compete for market share
Huge monopolies dominated the American marketplace in the late 1800s. This lead the US Gov't to set (______) laws to break them up.
bankruptcy
anti-trust
anti-competition
prohibition
Businesses and inventors are able to apply for a ___ in order to protect themselves from competitors copying their technology
trademark
copyright
trust
patent
In Monopolistic Competition you would find that purchases are made generally based on __
supply/demand
brand loyalty
price
price of substitute products
The ways in which the competitors try to gain new customers in a Monopolistic Competition is by __
showing their product is superior
using famous spokespeople to endorse their product
better prices
getting the gov't to put competitors out of business
An Oligopoly is when there are
few producers who control the market
only one producer
an open market with plenty of producers
a market that hasn't yet been discovered
Match the Market Structure with its characteristics..
OLIGOPOLY
Market is dominated by a few producers
MONOPOLY
Market is controlled by one producers
MONOPOLISITIC COMPETITION
Producers compete to show superiority
PERFECT COMPETITION
apples to apples
Drop the characteristics and examples into the correct Market Structure
one single producer
public utilities
consumers have brand loyalty
spokespeople endorse products
athletic shoes
a few producers dominate the market
an "apples to apples" comparison
agricultural products
cable/satellite providers
Match the following
Barriers to entry
fees, licenses, permits required
Price War
cut prices to undercut the competition
Collusion
producers secretly conspire to set price
Cartel
producers openly conspire to set prices
Price Leadership
"big boys" set the price & others follow
