2.5 Market Structures and Competition

Question 1

Which situation could be the best example of an oligopoly?

Revolt · Accepted Answer

A new producer of a smart phone operating system is trying to enter the market but cannot because most cell phone makers use one of two popular operating systems.

Question 2

X lower pricing✔ features and branding

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✔ features and branding

Question 3

X identical to ✔ different from

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✔ different from

Question 4

Use what you have learned about monopolies to complete the following sentences.

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✔ limit; Monopolies competition in the market.: limit; In a monopoly, a producer controls the market because it is able to meet the demands of all consumers.: natural; In a monopoly, a producer controls the market by the authority of the government, and private production cannot take place.: government; In a monopoly, a producer controls the market by holding a patent on the process of creating a specific good.: technological

Question 5

✔ naturalX technological government

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✔ natural

Question 6

naturalX technological✔ government

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✔ government

Question 7

natural✔ technological government

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✔ technological

Question 8

✔ few many

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✔ few; In monopolistic competition, there are barriers to entering the market.: few; Competition happens based on .: features and branding; Producers provide goods that are their competitors' goods.: different from

Question 9

Which statements describe characteristics of pure competition? Check all that apply.Prices are set by supply and demand alone.It is difficult for producers to enter the market.Producers provide identical goods to consumers.There are many producers, and each has a small market share.Only one producer controls the market.It is a theoretical state that is only approximated in the real world.

Revolt · Accepted Answer

Prices are set by supply and demand alone.; Producers provide identical goods to consumers.; There are many producers, and each has a small market share.; It is a theoretical state that is only approximated in the real world.

Question 10

Use what you have learned about monopolies to complete the following sentences.

Revolt · Accepted Answer

In monopolistic competition, there are barriers to entering the market.: few; Competition happens based on .: features and branding; Producers provide goods that are their competitors' goods.: different from

2.5 Market Structures and Competition Answers

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