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Market structures

Total questions: 40

Worksheet time: 30mins

Name
Class
Date
1.
Why does no one firm dominate in a perfect competition?
a)
No firm wants to
b)
Each firm sells to different people
c)
Each firm produces so little of the total supply that they cannot influence prices
d)
One firm will eventually dominate and make it a monopoly
2.
Factors that make it difficult for new firms to enter a market are called
a)
Barriers to entry
b)
Factors of production
c)
Limited supply
d)
Monopolistic Outlook
3.
Choose the example that goes best with an oligopoly.
a)
apples
b)
cell phone providers
c)
utilities
d)
clothing
4.

Which of the following industries is an example of a monopoly?

a)

utilities/water

b)

department stores

c)

auto industry

d)

commercial airlines

5.
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
6.

A market that has a few sellers of basically the same goods.

a)

Perfect Competition

b)

Pure Monopoly

c)

Monopolistic Competition

d)

Oligopoly

7.

Public utilities are an example.

a)

Perfect Competition

b)

Natural Monopoly

c)

Monopolistic Competition

d)

Oligopoly

8.

Using the pizza store graphic, what market structure best fits the pizza industry?

a)

Monopoly

b)

Oligopoly

c)

Perfect competition

d)

Monopolistic competition

9.

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

a)

Perfect Competition

b)

Pure Monopoly

c)

Monopolistic Competition

d)

Oligopoly

10.

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

a)

Perfect Competition

b)

Pure Monopoly

c)

Monopolistic Competition

d)

Oligopoly

11.

Which type of market structures has many producers (companies) and sell similar but different products from each other? These companies have a little control over the price and there are relatively low barriers to entry.

a)

perfect competition

b)

monopolistic competition

c)

oligopoly

d)

monopoly

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.
In perfect competition, the product is differentiated
a)
True
b)
False
14.
In monopolistic competition there are many buyers and sellers
a)
True
b)
False
15.
Non-price competition is the use of ads, giveaways, or promotions to win customers
a)
True
b)
False
16.
In which market structure is there the LEAST competition?
a)
Monopoly
b)
Oligopoly
c)
Monopolistic Competition
d)
Perfect Competition
17.
In which market structure is there the MOST competition?
a)
Monopoly
b)
Oligopoly
c)
Monopolistic Competition
d)
Perfect Competition
18.
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
19.
Which type of market structures has very few producers(companies) that control the majority of the market?
Hint: think of the soda market
a)
perfect competition
b)
monopolistic competition
c)
oligopoly
d)
monopoly
20.
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.
21.
This market structure has 3-4 firms who dominate 70-80% of the industry. 
a)
Monopoly
b)
Monopolistic Competitio
c)
Perfect Competitio
d)
Oligopoly 
22.
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
23.
Perfect competition is characterized by
a)
a large number of sellers and buyers.
b)
diverse products.
c)
sellers acting together to set prices.
d)
uninformed buyers and sellers.
24.

There are very high barriers these two structures

a)

monopoly

b)

monopolistic competition

c)

oligopoly

d)

pure / perfect competition

25.

Their is only one supplier in this market structure.

a)

monopoly

b)

monopolistic competition

c)

oligopoly

d)

pure / perfect competition

26.

Which structure uses differentiation to make its products unique?

a)

monopoly

b)

monopolistic competition

c)

oligopoly

d)

pure / perfect competition

27.

Differentiation is _________________.

a)

having identical products.

b)

copying another business.

c)

small differences that make your product unique.

d)

having control of the market value.

28.

The 4 conditions for a purely / perfectly competitive market are:

a)

The products are identical.

b)

Buyers know a lot about the product.

c)

The sellers control the market price.

d)

Sellers can enter and exit the market easily.

e)

There are many buyers and sellers.

29.

Google is an example of a

a)

oligopoly

b)

monopoly

c)

pure / perfect competition

d)

monopolistic completion

30.

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

a)

Perfect Competition

b)

Pure Monopoly

c)

Monopolistic Competition

d)

Oligopoly

31.

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

a)

an oligopoly

b)

a natural monopoly

c)

a geographic monopoly

d)

economies of scale

32.
What kind of market structure is efficient with 1 business supplying?
a)
natural monopoly
b)
oligopoly
c)
imperfect competition
d)
perfect competition
33.

De Beers and OPEC are

a)

trustsa

b)

cartels

34.

OPEC specializes on

a)

diamonds

b)

gas

c)

coal

d)

oil

35.

Cartel can influence price through control of

a)

output

b)

specialization

c)

competition

d)

deman

36.

Patent gives you right to

a)

use own invention

b)

sell invention

c)

prevent others from using your invention

d)

all of the above

37.

Monopoly of Polaroid is an example of ______ monopoly

a)

technological

b)

geographical

c)

natural

d)

governmental

38.

Local football team is an example of _____ monopoly

a)

technological

b)

governmental

c)

natural

d)

geographical

39.

Market structure helps you to study

a)

supply and demand

b)

competition

40.

Economy of scales means that when

a)

producer grows larger the cost for consumers decreases

b)

producer grows larger the cost for consumers increases

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