Competition Types Quiz
- Due Sep 8, 2022 at 11:59pm
- Points 32
- Questions 16
- Available Sep 8, 2022 at 7am - Sep 23, 2022 at 11:59pm
- Time Limit None
- Allowed Attempts 3
Instructions
The characteristics of all four market structures are provided in the box. Use this information to help you decide which of the following market structures best describes each market listed below.
|
|
Perfect Competition (PC) |
Monopolistic Competition (MC) |
Oligopoly (O) |
Monopoly (M) |
|
Number of Sellers |
Infinite |
Many |
Few |
One |
|
Barriers to Entry |
None |
Very Few |
High |
Extreme |
|
Substitutes |
Perfect Substitutes |
Differentiated Products |
Similar or Differentiated |
None |
|
Control Over Price |
None |
Some |
High (if collusion holds) |
Price Setter |
|
Advertising |
None |
Extreme |
Extreme |
Some |
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