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Market Structures Flashcards | StudBud
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Market Structures
Market Structures
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Market Structure questions
Flashcards
23 cards
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Questions
23
Answers
1
A perfect competition market structure has...
The most competition
No competition
Mild to high competition
Little competition
2
How many firms are there in a monopoly?
(21*2) / 42
1478 / 39.5 x 0
2^2/2
6x5-28
3
Which of the following is NOT a barrier to entering the market?
Price vs. Cost of Production
Revenue
Government Regulations
Start up costs
4
Does an imperfect competition market structure have more or fewer barriers to entering?
Fewer
More
5
Why does an oligopoly have little competition?
There are a few firms and many barriers
SPRING BREAK WOOOOO!
There are many barriers and many firms
There are many firms and few barriers
6
Which of the following is an example of a monopoly?
Standard Oil
Pueblo City Schools
Apple
Ford
7
How are prices determined in a Monopoly?
Business set prices
Mostly supply and demand, but businesses have some power
Supply and demand set prices
Businesses have power, but supply and demand does too
8
Rules that businesses have to follow are called...
Revenue
Start up costs
Government Regulations
Price vs. Cost of Production
9
How are prices determined in a perfectly competitive market?
Businesses set prices
Mostly supply and demand, but businesses have some power
Businesses have power, but supply and demand does too
Supply and demand set prices
10
Which of the following is the best example of an imperfect competition market good?
Ice Cream
Electricity
Twix
Apples
11
The money you have to spend before you ever sell anything to customers is called
Revenue
Price vs. Cost of Production
Start up costs
Government Regulations
12
How many barriers are there to entering a monopoly market?
The most
A few
Many
None
13
How are prices determined in an imperfectly competitive market?
Supply and demand set prices
Businesses have power, but supply and demand does too
Business set prices
Mostly supply and demand, but businesses have some power
14
Cellular service provides are the best example for what type of market structure?
Imperfect Competition
Monopoly
Perfect Competition
Oligopoly
15
A perfectly competitive market has...
Many barriers
Little to no barriers
The most barriers
Few barriers
16
True or False: An imperfect competitive market is MORE competitive than a perfect competitive
Don't pick this answer
True
False
17
In an oligopoly, you have _____ firms that control _____ of the market
Many; little
Few; most
Many; most
Few; little
18
Which of the following is the best example of a product in a perfectly competitive market?
Candy
Cars
Apples
Electricity
19
In an imperfect market, are what type of goods are produced?
Similar
Both
Identical
Neither
20
"A market structure with many buyers and sellers, and sellers produce identical goods" is...
Perfect Competition
Monopoly
Imperfect Competition
Oligopoly
21
Which example did we use in class to demonstrate perfect competition?
Different candy bars
We didn't demonstrate it
Invisible candy that starts a fight
Twix bars
22
How are prices determined in an oligopoly?
Mostly supply and demand, but businesses have some power
Supply and demand set prices
Businesses have power, but supply and demand does too
Business set prices
23
In an oligopoly, you have _____ competiton
Very little
None
A lot
the most
