Market Structures Test

Front

Businesses can "Collude" or work together to set prices. Options: Oligopoly, Monopoly, Perfect Competition

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

An industry that is dominated by a few large firms is

Back

an oligopoly.

Front

In a perfectly competitive market, there would be numerous buyers and sellers.

Back

numerous buyers and sellers.

Front

Natural monopolies are businesses that provide such things as utilities, public transportation, and cable TV.

Back

provide such things as utilities, public transportation, and cable TV.

Front

Why do companies in monopolistic competition invest heavily in marketing?

Back

to differentiate their product from competitors

Front

Describe a monopoly

Back

A monopoly is a market structure where a single seller or producer controls the entire supply of a particular product or service.

Front

Why are monopolies considered undesirable?

Back

Consumers lose all their power

Front

A monopoly is when....

Back

One company or group controls all production and sets prices

Front

This market structure occurs when an industry has many businesses selling the same product

Back

Perfect Competition