Market Structure

It is the most ideal market structure.

• perfect competition

• monopolistic competition

• oligopoly

• monopoly

This market structure is characterized by the lowest level of competition among producers.

• monopolistic competition

• monopoly

• oligopoly

• perfect competition

All of the following are characteristics of monopolistic competition except ___.

• There are many buyers and many sellers.

• The products sold are similar but differentiated.

• A market leader may emerge from among the many suppliers.

• There are many barriers to entry and exit.

What type of market structure has a few firms, and a lot of control over price?

• Perfect Competition

• Oligopoly

• Monopolistic Competition

• Monopoly

In perfect competition, there are _________ barriers to entry and so firms in it _________ earn an economic profit in the long run.

• no; can

• high; can

• sometimes; can sometimes

• high; cannot

• no; cannot

In perfect competition, there are _________ barriers to entry and so firms in it _________ earn an economic profit in the long run.

• no; can

• high; can

• sometimes; can sometimes

• high; cannot

• no; cannot

In perfect competition, there are _________ barriers to entry and so firms in it _________ earn an economic profit in the long run.

• no; can

• high; can

• sometimes; can sometimes

• high; cannot

• no; cannot

In monopolistic competition there are many buyers and sellers

• True
• False

The jeans industry would fall into what type of market structure? ( jeans are similar but there are some differences in the product)

• monopoly
• oligopoly
• perfect competition
• monopolistic competition

This market structure has 3-4 firms who dominate 70-80% of the industry. 

• Monopoly
• Monopolistic Competitio
• Perfect Competitio
• Oligopoly