Characteristics of Market Structures

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Business

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10th Grade

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Medium

Shauna-Kay Herah

Used 36+ times

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25 Slides • 8 Questions

Characteristics of Market Structures

Multiple Choice

Perfect competition is characterized by

Many large firms.

Identical products

Easy entry.

Few large firms.

Identical products

Easy entry.

Few large firms.

Identical products

Hard entry.

Multiple Choice

In a Perfect Competition, the biggest factor in setting price levels is..

supply/demand

the stock market

celebrity endorsements

price of substitute products

Multiple Choice

In a Perfect Competition, products are basically..

differentiated

identical

similar

opposite

Multiple Choice

Monopolistic competition is characterized by

A large number of firms.

Easy entry into the industry.

Differentiated products.

A large number of firms.

Easy entry into the industry.

Similar products.

Multiple Choice

This market structure has a few firms who dominate 70-80% of the industry.

Monopoly

Monopolistic Competitio

Perfect Competitio

Oligopoly

Multiple Choice

Choose the example that goes best with an oligopoly.

apples

cell phone providers

utilities

clothing

Multiple Choice

Monopoly is characterised by

Only one firm.

No substitutes.

The firm is a price maker.

Only one firm.

No substitutes.

The firm is a price taker.

Multiple Choice

A barrier to entry is

an economic term for economies of scale

illegal in most markets

anything that prevents new firms from entering the market

a factor that increases competition

Characteristics of Market Structures

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