Market Structures Quiz

Oligopolies (mini-snickers in the candy activity) have few sellers.

A highly competitive market where firms are price takers

Company broken up by the Justice Department in the early 1980s under the Sherman Antitrust Act

Costs are minimized by having a single supplier (Ex: Coast Water Works)

The Sherman Antitrust Act was the first law to declare monopolies and trade restraint _________

Oligopolies (mini-snickers in the candy activity) have few buyers.

Which of the following is a feature of monopolistic competition?

Which market structure has the least number of firms trying to sell their products?

Government owned and operated business (US Postal Service)

Cell phone providers are best described as

See image.

See image

Microsoft is best described as

Homogeneous (alike) products are not a feature of monopolistic competitions (T/F)

In which form of market structure would price be the key factor when competing?

Restaurants, hotels, etc... are best described as

Which of the following is the least competitive market structure?

Which of these industries is often a natural monopoly?

The stock market is best described as

In monopolistic competitions (Starburst in the candy activity) firms usually sell products that

Which market structure has the largest number of firms trying to sell their products?

See image.

A highly competitive market with slightly differentiated products (remember starbursts)

A firm or individual that created a new manufacturing technique or something entirely new

The market structure with the most control over prices is

Which of the following is the most competitive market structure?

A business that, because of its location, has no other competition

The market structure with the least control over prices is

Firms utilize non-price competition and product differentiation in the market structure of

A highly concentrated market with just a few interdependent firms

An industry with significant barriers to entry and a single supplier