Market Structures

A ______ is a venue where the interaction of supply and demand take place.

There are only certain venues that can be considered a market.

• True

• False

The ease of sellers entering the market is a factor in any market structure.

• True

• False

In this kind of market structure, sellers don't have any control over the price of the products.

• Monopoly

• Oligopoly

• Perfect Competition

• Monopolistic Competition

Which statement is NOT TRUE about monopoly?

• It is difficult for other sellers to compete in the market.

• Only one firm controls the supply and distribution of the product.

• It is considered an imperfect competition

• The firm doesn't have any control over the price of the product.

In a monopolistic competition, sellers can market their products differently from other sellers hence, they have some control over the price of the product.

• True

• False

A _____ is an organization composed of firms with the goal of having control over the price, quantity, and distribution of products for maximum profit.

Which of the following is an advantage of monopolistic competition?

• It would be easier and more cost efficient for the government to practice this market structure.

• This market structure will require creativity and innovation from the sellers.

• Potential sellers can easily enter the market since the products are not differentiated.