Market Structures Overview

Which market structure has a single seller with no close substitutes?

• Monopsony

• Oligopoly

• Monopoly

• Perfect Competition

In a monopoly, is there easy entry for new firms?

• Yes

• No

• Depends on the weather

• Sometimes

What is the main characteristic of perfect competition?

• Limited number of buyers and sellers

• High barriers to entry

• Homogeneous products

• Large number of buyers and sellers

In perfect competition, are firms price takers or price makers?

• Price influencers

• Price takers

• Price setters

• Price makers

What is the main feature of monopolistic competition?

• Oligopoly

• Perfect competition

• Product differentiation

• Monopoly

Do firms in monopolistic competition produce identical or differentiated products?

• Similar products

• Differentiated products

• Identical products

• Homogeneous products

What is the key feature of oligopoly?

• Interdependence among a few large firms

• Collaboration among many small firms

• Lack of competition among a few small firms

• Independence among a few large firms

In an oligopoly, do firms have interdependence or independence in decision-making?

• Collaboration

• Independence

• Isolation

• Interdependence

Which market structure has a few large firms dominating the market?

• Oligopoly

• Monopoly

• Perfect Competition

• Monopsony

What is the level of competition like in perfect competition?

• Very high

• Extremely low

• Non-existent

• Moderate