Market Structure Review

Market Structure Review

by SARAH MORRIS

Multiple Choice

What is perfect competition?

• A market structure with many sellers who are all selling identical products

• A market structure with few sellers who are all selling similar products

• A market structure dominated by one seller who has total market control

Open Ended

What is one of four characteristics of Perfect Competition?

Fill in the Blank

Failure to meet all four of the Perfect Competition characteristics results in...

Open Ended

What are the three types of imperfect competition we have studied?

Multiple Choice

What is a primary identifier of a monopoly?

• many sellers with no market control

• few sellers with some market control

• single seller with total market control

Open Ended

List one of the four types of monopolies.

Multiple Select

What are the two primary barriers to entry?

• start up costs

• monopolies

• barriers to entry

• technology

Multiple Choice

This is a type of market with a few firms have control over the market, who sell similar products

• Perfect Competition

• Monopoly

• Oligopoly

• Monopolistic Competition

Multiple Choice

This is a market structure with many sellers who provide similar products, based largely on brand loyalty

• Perfect Competition

• Monopoly

• Oligopoly

• Monopolistic Competition

Poll

Which option is a non-price competition example

• Buy one get one free sale at Food City

• 25% off coupon at Dunkin Donuts

• Complimentary (free) limo service provided by a hotel

Open Ended

What do you think is the role of the entreprenuer?

Fill in the Blank

_____ is the cost to get your business up and running prior to opening.