EPF - E.1.2 - Market Structures

A market for a good or service where there is only one supplier, or that is dominated by one supplier.

• Monopoly

• Oligopoly

• Perfect Competition

• Monopolistic Competition

A market structure in which a few large firms dominate a market.

• Monopoly

• Oligopoly

• Perfect Competition

• Monopolistic Competition

A market structure in which there are many buyers and sellers of an identical product.

• Monopoly

• Oligopoly

• Perfect Competition

• Monopolistic Competition

What are barriers to entry?

• Factors that make it difficult for a new firm to enter a market.

• An illegal agreement among firms to divide the market, set prices, or limit production.

• A market for a good or service where there is only one supplier.

• A market in which there are many buyers and many sellers of an identical product.

A price taker is a seller that has no control over the price of the product it sells.

• TRUE

• FALSE

A barrier to entry is any obstacle that makes it difficult for a new firm to enter a market.

• TRUE

• FALSE

A(n) __________ is a market structure characterized by a few large sellers, either an identical or a differentiated product, and difficult market entry.

A firm in monopolistic competition is a price _______.

• MAKER

• TAKER