Unit 2 - Chapters 5,6,7

Front

Non-price competition is the use of ads, giveaways, or promotions to win customers

Back

True

Front

In which market structure is there the LEAST competition?

Back

Monopoly

Front

In which market structure is there the MOST competition? Options: Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition

Back

Perfect Competition

Front

Which type of market structures has very few producers(companies) that control the majority of the market? Hint: think of the soda market

Back

oligopoly

Front

The jeans industry would fall into what type of market structure? ( jeans are similar but there are some differences in the product)

Back

monopolistic competition

Front

Factors that make it difficult for new firms to enter a market are called

Back

Barriers to entry

Front

Choose the example that goes best with an oligopoly: apples, cell phone providers, utilities, clothing

Back

cell phone providers

Front

Which of the following industries is an example of a monopoly? utilities/water, department stores, auto industry, commercial airlines

Back

utilities/water

Front

In general, if the price of a good or service goes down, what happens to the demand for that good or service?

Back

demand goes up

Front

In general, if the price of a good or service goes up, what happens to the demand for that good or service?

Back

demand goes down