Ch. 7

Which of the following is NOT a Market Structure?

• Perfect Competition

• Oligopoly

• Monopoly

• Corporation

Which market structure involves selling identical products?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

Markets like automobiles, cell phones, cable TV, and internet providers are examples of which market structure?

• Monopoly

• Oligopoly

• Perfect competition

• Monopolistic competition

Which of the following industries is an example of a monopoly?

• utilities/water

• departments stores

• auto industry

• commercial airlines

Which of the following is not a characteristic of monopolistic competition?

• products are very similar so there must be product differentiation

• very competitive

• lots of advertising

• identical products

Which of the following is not a characteristic of an oligopoly?

• many sellers

• not as much competition - firms have some control over prices

• lots of advertising

• many barriers to entry

Which type of market structures has many many producers(companies) that sell identical products and has no control over price?

• perfect competition

• monopolistic competition

• oligopoly

• monopoly

Which type of market structures has very few producers(companies) that control the majority of the market?

Hint: think of the soda market

• perfect competition

• monopolistic competition

• oligopoly

• monopoly

The jeans industry would fall into what type of market structure? ( jeans are similar but there are some differences in the product)

• monopoly
• oligopoly
• perfect competition
• monopolistic competition

If Mark wants to sell his corn at a local farmer's market, he must be aware that the product is standardized and that he will have no control over the price. The market structure he is MOST likely participating in is

• monopolistic competition
• oligopoly
• perfect competition
• monopoly