Unit 3 part 1 Review

Which of these is not a characteristic of market structures?

• number of producers

• ease of entry

• control over prices

• regulatory environment

Which of these is considered the ideal market structure?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

Obstacles that can restrict access to markets and limitation are called

• disequilibrium

• nonprice competition

• barriers to entry

• consumer sovereignty

Which market structure has the fewest producers and gives them the most control over prices?

• Oligopoly

• Monopoly

• Perfect Competition

• Monopolistic Competition

Which of these is NOT a legal monopoly?

• Resource monopoly

• Natural monopoly

• Government-created monopoly

• Business monopoly

In an oligopoly, a market or industry is

• dominated by just a few firms that produce similar or identical products

• dominated by just a few firms that produce different types of products

• dominated by many firms that produce similar or identical products

• domincated by many firms that produce different types of products

In an Oligopoly...

• there are many producers

• there are high barriers to entry

• there are low barriers to entry

• there is one producer

An organization of producers established to set production and price levels for a product is known as a _________________ and is widely considered illegal, yet several industries have been organized in this way.

• status consortium

• competitive edge

• cartel

• monopoly

A commodity is...

• a good that has value in trade

• a good with no trade value

• a form of money made of paper

• a type of stock or share

Before paper and coin money, we used precious metals that maintained value over time, known as _____________ money.

• banknote

• uniform

• commodity

• divisible