The Four Market Structures

A situation in which many businesses compete for customers is called...

• Perfect Anarchy

• Perfect Competition

• The Free Market

• Monopoly

When the market is controlled by one business, it is called a...

• Capitalistic Market

• Command Market

• Oligopoly

• Monopoly

This allows an inventor exclusive rights to make and sell his or her invention. Other producers may apply for a license for a fee.

• Patent

• Bill of Attainder

• Patience

• Mortgage

In this situation a small group of business controls an industry.

• Megalopoly

• Triopoly

• Oligopoly

• Monopoly

When businesses make an agreement to split up geographic areas for business purposes, it is called a

• Barrier to Entry

• Monopoly

• Carton

• Cartel

All of the following are characteristics of oligopolies, EXCEPT

• they expect "customer loyalty."

• the products have little to no differences.

• They have limited control over price, except lowering them in price wars.

• They encourage innovation.

All of the following are reasons competition are desirable, EXCEPT

• It brings items to an equilibrium price.

• Producers stop innovating.

• Producers try to differentiate their products to meet the desires of consumers.

• Consumers have choice and can find the best use of the scarse resource of money.

I am a weasel.

• True

• False

• I'm really more of a ferret.

• Depends on how I'm feeling today.

The example from the notes of a business that had a pure monopoly was..

• The Post Office

• The United Parcel Service.

• Federal Express

• I wasn't paying attention.

I like this for use of quizzes and reviews.

• Yes.

• No.

• Just for reviews.

• Just for quizzes.