Question

Market Structure Exercise ANSWER ALL

2. Perfect competition is a market structure in which_____________ firms are producing a __________ product and entry is _____________.

3.Monopolistic competition is a market structure in which_________ firms are producing a _________ product and entry is ______________.

4. Oligopoly is a market structure in which _________ firms are producing a ____________ product and entry is ________________.

5. Monopoly is a market structure in which ________________ firm supplies a product and entry ________________.

6. Oligopoly is the only market structure in which firm are _________________.

7. When there are large economies of scale, a ______________________ monopoly can occur.

8. When buyers perceive different sellers products to be identical, we sat the products are _______________; when buyers perceive different seller's products to be different we say the products are ______________________.

9. The idea that potential competition can force even monopoly firms to behave as if they were perfectly competitive is called the theory of ___________________.

10. Firms that are price makers are found in which market structures?_______________________

11. In analyzing business behavior, economists usually assume that the firm's objectives is to ____________________.

12. The demand curve facing the perfectly competitive firm is ________________ as the _____________________.

13. The demand curve facing firms in all types of markets expect perfect competition ___________________.

14. List the two criteria you can use to figure out what output level gives a firm the most profit?

15. For the three market structures listed below, describe how much an individual seller is likely to use.

1. Perfect Competition___________________

2. Monopolistic Competition_________________

3. Monopoly______________

16. Explain war factor is most likely to determine wether a firm selling in a oligopoly does a lot of advertising?

Answer 1

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