Market structure

Question 1

define monopoly

Answer 1

A type of market structure where one firm or business controls the entire market

Question 2

define oligopoly

Answer 2

A type of
of market structure in which a few businesses hold the majority of the market share

Question 3

Define a competitive market

Answer 3

The rivalry between firms to hold the biggest market share

Question 4

Give one example of a monopoly

Answer 4

‘Thames water’ , ‘google’ , ‘de beers group’

Question 5

give one example of an oligopoly

Answer 5

‘Internet providers’ , ‘supermarkets’ , ‘Major airliners’

Question 6

Give one feature of a competitive market

Answer 6

-low barriers to entry
-Low prices