Market Structures and Competition

Front

In perfect competition, the product is differentiated

Back

False

Front

In monopolistic competition there are many buyers and sellers

Back

True

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? Options: Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition

Back

Monopoly

Front

Which type of market structures has many producers that sell identical products and has no control over price?

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

Which scenario is an example of a monopoly? A local water company is the sole provider of water for a small town., A dry cleaner specializes in environmentally friendly cleaning methods., A farmer produces green beans for sale at a farmer's market., A small number of cereal companies produce most of the cereal on the market.

Back

A local water company is the sole provider of water for a small town.

Front

When a major car company lowers its prices, other car makers will probably

Back

lower their prices.

Front

Perfect competition is characterized by

Back

a large number of sellers and buyers.