Market Structures

Question 1

Examples of perfect competition markets

Answer 1

-Agricultural markets (wheat and potatoes)
-Fruit markets
-Foreign exchange markets
-Local coffee shops

Question 2

Examples of monopolistic competition markets

Answer 2

-Fast food industry
-Hairdressers
-Barbers
-Clothing retailers
-Coffee shops
-Supermarkets

Question 3

Examples of oligopolistic competition markets

Answer 3

-Soft drinks industry
-Supermarket industry
-Airline industry
-Phone providers
-Mobile network providers
-UK petrol retail market

Question 4

Examples of monopoly markets
(legal/natural monopolies)

Answer 4

-Royal Mail
-NHS
-TFL
-Network Rail
-National Grid
-British Gas
-BBC
-ThamesWater
-Tesco
-Microsoft
-Apple

Question 5

Examples of monopsonies

Answer 5

-NHS
-TFL
-Network Rail
-NASA
-Supermarkets

Question 6

Examples of cartels

Answer 6

OPEC oil cartel

Question 7

Markets that have become more contestable over time

Answer 7

Taxi market: companies like Uber and Bolt have lowered the barriers to entry into the market

Airline industry: rise of low cost airlines like Ryanair and Easyjet

Retail industry: e-commerce has grown a lot in recent years due to websites like Amazon, Ebay and Alibaba