Market Structure Definitions

Coke and Pepsi are the main producers and control the soda market. This is an example of:

• Oligopoly

• Monopoly

• Monopolistic Competition

• Perfect Competition

When buying produce at the grocery store, many people shop around for the best deal, because when it comes down to it, an apple is an apple. This is an example of:

• monopoy

• monopolistic competition

• oligopoly

• perfect competition

Buyers have few choices when it comes down to satellite TV and internet providers. Basically, the producers are pretty much the same. This is an example of

• monopoly

• oligopoly

• monopolistic competition

• perfect competition

Your family can only get electricity or natural gas to their home through one provider. There is no other option. This is an example of_

• monopoly

• monopolistic competition

• oligopoly

• perfect competition

The market for agricultural produce is an example of:

• monopoly

• oligopoly

• monopolistic competition

• perfect competition

Nike signed Michael Jordan in 1984 in order to get more young people to buy Nike instead of Converse or adidas. They tried to show their shoe was cool and therefore superior. This is-

• monopoly

• monopolistic competition

• oligopoly

• perfect competition

Factors that make it difficult for new firms to enter a market are called

• Barriers to entry

• Factors of production

• Limited supply

• Monopolistic Outlook

Which market structure is characterized by a single seller dominating the entire market?

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect Competition

In which market structure do many firms sell products that are similar but not identical?

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect Competition

What is the term for a market structure where a few large firms dominate a market?

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect Competition