Market Stuctures (grid)

Question 1

(Competitive market) number of firms in the market

Answer 1

Large number

Question 2

(Competitive market) firm ability to control price

Answer 2

None (compete on price)

Question 3

(Competitive market) barriers to entry

Answer 3

None, minimal

Question 4

(Competitive market) product differentiation

Answer 4

Very little, almost identical products

Question 5

Competitive market examples

Answer 5

Farm and dairy

Question 6

(Pure monopoly) number of firms in the market

Answer 6

One

Question 7

(Pure monopoly) firms ability to control price

Answer 7

High, can set market price

Question 8

(Pure monopoly) barriers to entry

Answer 8

Subject to government regulation

Question 9

(Pure monopoly) product differentiation

Answer 9

No products that compete directly with

Question 10

Pure monopoly examples

Answer 10

Utilities such as gas

Question 11

(Monopolistic competition) number of firms in the market

Answer 11

Many sellers (but fewer than perfect competition)

Question 12

(Monopolistic competition) firms ability to control price

Answer 12

Limited

Question 13

(Monopolistic competition) barrier to entry

Answer 13

Few

Question 14

(Monopolistic competition) product differentiation

Answer 14

Emphasis in showing perceived differences in products

Question 15

(Monopolistic competition) examples

Answer 15

Retail, clothing stores and fast food

Question 16

(Oligopoly) number of firms in the market

Answer 16

Few large firms dominate the market

Question 17

(Oligopoly) firms ability to control price

Answer 17

Some

Question 18

(Oligopoly) barriers to entry

Answer 18

Many

Question 19

(Oligopoly) product differentiation

Answer 19

Some differences

Question 20

Oligopoly examples

Answer 20

Mobile phone networks, airlines