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WorksheetsEPF - E.1.2 - Market Structures
Total questions: 8
Worksheet time: 5mins
A market for a good or service where there is only one supplier, or that is dominated by one supplier.
Monopoly
Oligopoly
Perfect Competition
Monopolistic Competition
A market structure in which a few large firms dominate a market.
Monopoly
Oligopoly
Perfect Competition
Monopolistic Competition
A market structure in which there are many buyers and sellers of an identical product.
Monopoly
Oligopoly
Perfect Competition
Monopolistic Competition
What are barriers to entry?
Factors that make it difficult for a new firm to enter a market.
An illegal agreement among firms to divide the market, set prices, or limit production.
A market for a good or service where there is only one supplier.
A market in which there are many buyers and many sellers of an identical product.
A price taker is a seller that has no control over the price of the product it sells.
TRUE
FALSE
A barrier to entry is any obstacle that makes it difficult for a new firm to enter a market.
TRUE
FALSE
A(n) (a) is a market structure characterized by a few large sellers, either an identical or a differentiated product, and difficult market entry.
A firm in monopolistic competition is a price _______.
MAKER
TAKER
