Honors Market Structures II

Front

The market structure with the most control over prices and as a result, the highest prices is:

Back

Monopoly

Front

This is the easiest market structure to enter because of low barriers to entry and the number of producers.

Back

Perfect Competition

Front

This market structure has 3-4 firms who dominate 70-80% of the industry.

Back

Oligopoly

Front

Why does no one firm dominate in a perfect competition?

Back

Each firm produces so little of the total supply that they cannot influence prices

Front

What is it when you make a product unlike any other product?

Back

Differentiation

Front

What kind of market structure is efficient with 1 business supplying?

Back

natural monopoly

Front

Which market structure works the best, based on: price, efficiency & production? Options: monopoly, oligopoly, perfect competition, monopolistic competition

Back

perfect competition

Front

What is NOT a barrier of entry? employment, start-up cost, technology, nonprice competition

Back

nonprice competition

Front

In this market structure there is only one seller with a unique product

Back

monopoly

Front

Price fixing and collusion often occur in this type of market structure

Back

oligopoly