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Market Structures Flashcards | StudBud

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Market Structures

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#economics

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Questions 11

Answers

1
In a market economy with perfect competition, sellers
join with other sellers to influence prices
enter and exit the market freely
control prices
have incomplete information about market conditions
2
A market structure where both consumers and producers compete directly with supply/demand:
oligarchic competition
nonprice competition
perfect competition
monopolistic competition
3
The expenses that new businesses pay to enter a market
initiation costs
basic costs
start up costs
entrance costs
4
Monopolists are able to control prices because they ahve
competition and substitutes
no competition and many substitutes
competition and no substitutes
no competition and no substitutes
5
What is a market dominated by a few sellers?
monopolistic competition
monopoly
oligopoly
perfect competition
6
A single seller in a market is a(n)
Monopoly
Oligopoly
Perfect Competition
Monopolistic Competition
7
One way that firms in a monopolistic competition engage in non-price competition is through:
Production
Variable costs
Advertising
Fixed costs
8
These make it difficult for new firms to enter a market:
Collusion
Cartel
Barriers to Entry
Antitrust laws
9
An oligopolist sells
only standardized products
more standardized than differentiated products
either standardized or differentiated products
only differentiate products
10
If a market has low competition, usually start-up costs are:
High
Low
11
Which is a characteristic of oligopolies and monopolies?
low start up costs
no start up costs
high start up costs
high competition