Competition Types Quiz
- Due Sep 1, 2023 at 9am
- Points 32
- Questions 16
- Available Sep 1, 2023 at 12am - Sep 1, 2023 at 9am 9 hours
- Time Limit None
- Allowed Attempts 2
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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