Flashcard 3/19

Front

This market structure has many firms, identical products, no barriers to entry, & price takers

Back

Perfect Competition

Front

In this market, one firm controls the market, there are very high barriers to entry, price makers, & there are no available substitutes

Back

Monopoly

Front

Levi's jeans are part of...

Back

Monopolistic 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

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

List the four market structures in order from least competitive to most competitive: Oligopoly, Monopoly, Perfect Competition, Monopolistic Competition.

Back

Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition

Front

Choose the example that goes best with an oligopoly: apples, cell phone providers, utilities, clothing

Back

cell phone providers

Front

Which type of market structures has many producers (companies) and sell similar but different products from each other? These companies have a little control over the price and there are relatively low barriers to entry.

Back

monopolistic competition

Front

The market for agricultural produce is an example of: monopoly, oligopoly, monopolistic competition, perfect competition

Back

perfect competition

Front

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

Back

Monopoly