CH 7 Economics Market Structures

Front

Oligopoly is a market structure with one very large firm.

Back

False

Front

Public utilities are an example of a _______________ monopoly.

Back

natural

Front

A copyright or patent is an example of a _______________ monopoly.

Back

Technological

Front

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

Back

Monopoly

Front

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

Back

Perfect Competition

Front

In which market structure is there NON-PRICE competition?

Back

Oligopoly and Monopolistic Competition

Front

What is an example of a monopoly? Options: Taco Bell, National Hockey League (NHL), Lucky Brand Jeans, Holiday Inn

Back

National Hockey League (NHL)

Front

What is not a characteristic of monopolistic competition? Options: many sellers, easy market entry, similar products sold within the same price range, products are identical

Back

products are identical

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