Market Structures

Flashcard
•
Social Studies
•
12th Grade
•
Hard
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12 questions
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1.
FLASHCARD QUESTION
Front
In a Perfect Competition, products are basically..
Back
identical
2.
FLASHCARD QUESTION
Front
In a Perfect Competition, the biggest factor in setting price levels is..
Back
supply/demand
3.
FLASHCARD QUESTION
Front
In a market that is in Perfect Competition, you would normally find ___
Back
few barriers to entry- easy to enter/exit the market
4.
FLASHCARD QUESTION
Front
In Monopolistic Competition you would find that purchases are made generally based on __
Back
brand loyalty
5.
FLASHCARD QUESTION
Front
An Oligopoly is when there are
Back
few producers who control the market
6.
FLASHCARD QUESTION
Front
In an oligopoly, when a few producers join forces publicly to control pricing and production levels (btw: it's illegal in the US)
Back
CARTEL
7.
FLASHCARD QUESTION
Front
The market for agricultural produce is an example of: monopoly, oligopoly, monopolistic competition, perfect competition
Back
perfect competition
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