Market Structure

A market that has a few sellers of basically the same goods.

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly

One single firm controls the entire industry.

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly

All buyers and sellers have sufficient information to maximize self-interest.

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly

Oligopoly

• market structure in which only a few large sellers dominate and have the ability to affect prices in an industry

• market structure having all conditions of pure competition except for identical products

• market structure in which a firm has a monopoly because of its location or the small size of the market

• monopoly created and or owned by the government

Which market structure involves selling identical products?

• Perfect Competition
• Monopolistic Competition
• Oligopoly
• Monopoly

Which market structure did John D. Rockefeller's Oil industry fall under?

• Monopoly

• Oligopoly

• Perfect Competition

• Monopolistic Competition

Google controls 67% of the web search market. The company has grown and branched off into email, online maps, GPS tracking systems, online data storage and mobile phones. There are competitors like Microsoft and Yahoo, but they own just 18% and 11% of the market, respectively. Which market structure(s) best fit Google? (There are two possible answers, pick both)

• Perfect competition

• Monopolistic competition

• Oligopoly

• Monopoly

An oil driller, oil refinery, and gas company merge.... this is a ________________ merger

• horizontal
• vertical
• inappropriate
• monopolistic

Which of the following is not an advantage of a sole proprietorship?

• easy to form

• taxed only once

• you retain all of the profits

• unlimited liability