WorksheetsMarket Structure
Total questions: 16
Worksheet time: 23mins
Name
Class
Date
1.
In perfect competition, the product is differentiated
a)
True
b)
False
2.
In monopolistic competition there are many buyers and sellers
a)
True
b)
False
3.
Non-price competition is the use of ads, giveaways, or promotions to win customers
a)
True
b)
False
4.
In which market structure is there the LEAST competition?
a)
Monopoly
b)
Oligopoly
c)
Monopolistic Competition
d)
Perfect Competition
5.
In which market structure is there the MOST competition?
a)
Monopoly
b)
Oligopoly
c)
Monopolistic Competition
d)
Perfect Competition
6.
Which type of market structures has many many producers(companies) that sell identical products and has no control over price?
a)
perfect competition
b)
monopolistic competition
c)
oligopoly
d)
monopoly
7.
Which type of market structures has very few producers(companies) that control the majority of the market?
Hint: think of the soda market
Hint: think of the soda market
a)
perfect competition
b)
monopolistic competition
c)
oligopoly
d)
monopoly
8.
The jeans industry would fall into what type of market structure? ( jeans are similar but there are some differences in the product)
a)
monopoly
b)
oligopoly
c)
perfect competition
d)
monopolistic competition
9.
Which scenario is an example of a monopoly?
a)
A local water company is the sole provider of water for a small town.
b)
A dry cleaner specializes in environmentally friendly cleaning methods.
c)
A farmer produces green beans for sale at a farmer's market.
d)
A small number of cereal companies produce most of the cereal on the market.
10.
In the 1990s, AT&T controlled 80% of the phone industry and was the ONLY provider of long distance phone service. This is an example of
a)
A monopoly
b)
Monopolistic Competition
c)
Perfect Competition
d)
Oligopoly
11.
This market structure has 3-4 firms who dominate 70-80% of the industry.
a)
Monopoly
b)
Monopolistic Competitio
c)
Perfect Competitio
d)
Oligopoly
12.
List the four market structures in order from least competitive to most competitive.
a)
Oligopoly, Monopoly, Perfect Competition, Monopolistic Competition
b)
Perfect Competition, Oligopoly, Monopoly, Monopolistic Competition
c)
Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition
d)
Monopoly, Monopolistic Competition, Perfect Competition, Oligopoly
13.
What is not part of perfect competition?
a)
buyer/ seller are well informed
b)
sellers cannot enter/ exit market easily
c)
low prices
d)
few barriers of entry
14.
When a major car company lowers its prices, other car makers will probably
a)
maintain existing prices.
b)
raise their prices.
c)
go out of business.
d)
lower their prices.
15.
The effort by sellers to secretly set production levels or prices is called
a)
collusion
b)
price leadership
c)
compliance
d)
nonprice competition
16.
ABC, CBS, FOX and NBC are a great example of this market structure
a)
Perfect Competition
b)
Imperfect Competition
c)
Oligopoly
d)
Monopoly
100 %
