Market Structures Quiz

In which market structure are sellers mutually interdependent?

• Monopoly

• Oligopoly

• Perfect Competition

• Monopolistic Competition

In which market structure must sellers take whatever price the market determines?

• Monopoly

• Oligopoly

• Perfect Competition

• Monopolistic Competition

If not regulated by the government, which market structure has total price-setting power?

• Monopoly

• Oligopoly

• Perfect Competition

• Monopolistic Competition

The condition where every company or firm in the market is selling identical products and the market share of the company has no impact on the price of the product is?

• Monopoly

• Oligopoly

• Perfect Competition

• Monopolistic Competition

The situation where there is a single seller in the market is?

• Monopoly

• Oligopoly

• Perfect Competition

• Monopolistic Competition

The type of competition where many companies offer competing products or services that are similar, but not perfect, substitutes, and is most common.

• Monopoly

• Oligopoly

• Perfect Competition

• Monopolistic Competition

In this type of competition, entry is very difficult to almost impossible.

• Monopoly

• Oligopoly

• Perfect Competition

• Monopolistic Competition

In this type of competition, there is considerable non-price competition.

• Monopoly

• Oligopoly

• Perfect Competition

• Monopolistic Competition

Which type of competition is unrealistic and rarely seen in the economy?

• Monopoly

• Oligopoly

• Perfect Competition

• Monopolistic Competition

In order for sellers to enter and exit the market easily, there must be…

• Many Sellers

• High start-up costs

• Advanced technology

• No barriers