markert structures

What is used to explain the four market structures in the video?

• Jurassic Park movie

• A political debate

• A science experiment

• Historical events

What characteristic is essential for a monopoly to maintain its status?

• Multiple products

• Frequent sales

• High barriers to entry

• Low prices

Which type of monopoly was Jurassic Park considered?

• Natural monopoly

• Technological monopoly

• Government monopoly

• Resource monopoly

What is a key feature of perfect competition?

• Controlled prices

• Few competing firms

• High barriers to entry

• Identical products

Which market structure is characterized by a few large firms?

• Perfect competition

• Oligopoly

• Monopoly

• Monopolistic competition

What is mutual interdependence a feature of?

• Oligopoly

• Perfect competition

• Monopoly

• Monopolistic competition

In which market structure do firms have some control over price due to product differentiation?

• Monopoly

• Oligopoly

• Monopolistic competition

• Perfect competition

What market structure is the fast food industry an example of?

• Monopolistic competition

• Oligopoly

• Monopoly

• Perfect competition

Which market structure does shaving cream belong to?

• Perfect competition

• Monopoly

• Oligopoly

• Monopolistic competition

What is a natural monopoly?

• A market controlled by the government

• A market with many firms selling identical products

• A market where one firm can provide goods at a lower cost due to economies of scale

• A market with only one firm due to high barriers to entry