NEW - Market Structures

What is a key characteristic of a monopoly?

• Many sellers

• Single seller

• Free entry and exit

• Homogeneous products

Which of the following is a characteristic of an oligopoly?

• No barriers to entry

• Many small firms

• Few large firms

• Perfect information

In monopolistic competition, firms sell:

• Identical products

• Differentiated products

• Unique products

• No products

Which of the following is a characteristic of perfect competition?

• Single seller

• Price maker

• Many buyers and sellers

• High barriers to entry

What is the definition of a market structure?

• The physical location of a market

• The organizational and other characteristics of a market

• The number of products in a market

• The size of a market

Which of the following is an example of a monopoly?

• Local farmer's market

• Utility company

• Fast food restaurant

• Clothing store

Which of the following is an example of an oligopoly?

• Wheat farming

• Automobile industry

• Local bakery

• Public transportation

Which of the following is an example of monopolistic competition?

• Airline industry

• Coffee shops

• Water supply

• Steel industry

Which of the following is an example of perfect competition?

• Internet service providers

• Agricultural markets

• Smartphone manufacturers

• Pharmaceutical companies

In a monopoly, the firm is a:

• Price taker

• Price maker

• Price follower

• Price negotiator