Ch 7 Market structures

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

Which law bans monopolies?

• Tea Act
• Anti-Trust Act
• Townsend Act
• Monopoly Act

Using the pizza store graphic, what market structure best fits the pizza industry?

• Monopoly

• Oligopoly

• Perfect competition

• Monopolistic competition

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

• Monopoly

• Oligopoly

• Perfect competition

• Monopolistic competition

How many firms are there in a perfect competition?

• 1
• 2-5
• Many

Why does no one firm dominate in a perfect competition?

• No firm wants to
• Each firm sells to different people
• Each firm produces so little of the total supply that they cannot influence prices
• One firm will eventually dominate and make it a monopoly

Factors that make it difficult for new firms to enter a market are called

• Barriers to entry
• Factors of production
• Limited supply
• Monopolistic Outlook

How many firms are there in a monopoly?

• 1
• 2-5
• Many

What prevents firms from entering a monopoly?

• Barriers
• Technology
• Price
• The government