Danekes 2.13 Instruction Slides (Market Structures)

Multiple Choice

Which of the following is NOT an example of market failure mentioned in the image?

• Monopoly

• Externalities

• Perfect competition

• Tragedy of the commons

Fill in the Blank

Market power is the ability of a single firm to influence ___ prices.

Multiple Choice

Rank the following market structures from least to most market power: Perfect Competition, Monopolistic Competition, Oligopoly, Monopoly.

• Perfect Competition < Monopolistic Competition < Oligopoly < Monopoly

• Monopoly < Oligopoly < Monopolistic Competition < Perfect Competition

• Oligopoly < Monopoly < Perfect Competition < Monopolistic Competition

• Monopolistic Competition < Perfect Competition < Monopoly < Oligopoly

Multiple Select

Which of the following are characteristics of perfect competition?

• Costless entry and exit from the market

• Perfect information

• Significant market power

• Many sellers with identical products

Multiple Choice

Why is perfect competition compared to a unicorn in economic theory?

• Because it is rare and difficult to find in reality

• Because it is the most profitable market structure

• Because it always leads to monopolies

• Because it is the only market structure with identical products

Fill in the Blank

Fill in the blank: In monopolistic competition, firms produce products that are similar but not ___.

Multiple Select

Which of the following are characteristics of monopolistic competition?

• Easy entry and exit for firms

• Identical products only

• Many sellers with differentiated products

• Some market power for firms

Open Ended

Based on the images of grocery shelves and batteries, which market structure do these products most likely represent and why?

Multiple Choice

Would you like to learn more about how real-world companies fit into different market structures?

• Yes, I am interested in learning more.

• No, I feel confident with what I know.

• Maybe, if there are more examples.

• I am not sure.