| Perfect Competition | Monopolies | Oligopolies | Monopolistic Competition | Hodgepodge |
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| 20 | 20 | 20 | 20 | 20 |
| 30 | 30 | 30 | 30 | 30 |
| 40 | 40 | 40 | 40 | 40 |
| 50 | 50 | 50 | 50 | 50 |
| Final Question | ||||
How many buyers and sellers are there in perfectly competitive market?
How many buyers and sellers are there in perfectly competitive market?
many buyers and sellers
What type of products are offered in perfect competition?
What type of products are offered in perfect competition?
identical products are offered
What kind of information do buyers and sellers have about the products in perfectly competitive markets?
What kind of information do buyers and sellers have about the products in perfectly competitive markets?
full infomation about features and price
What barriers to entry exist in perfect competition?
What barriers to entry exist in perfect competition?
no barriers exist
What kind of control do firms in a perfectly competitive market have over price?
What kind of control do firms in a perfectly competitive market have over price?
no control over price (price takers)
How many firms are there in a market that is considered a monopoly?
How many firms are there in a market that is considered a monopoly?
one firm
What kind of variety is there iin the goods being produced?
What kind of variety is there iin the goods being produced?
no variety because they are the only seller
What kind of control is there over price in a monopoly?
What kind of control is there over price in a monopoly?
total control over price (price makers)
What barriers to entry exist in a monopoly?
What barriers to entry exist in a monopoly?
complete barriers to enter the market
What kind of market runs most efficiently when one large seller provides all the output?
What kind of market runs most efficiently when one large seller provides all the output?
natural monopoly
How many firms are in a market that is considered to be an oligopoly?
How many firms are in a market that is considered to be an oligopoly?
a few that dominate
What kind of variety is there in the products offered in an oligopoly?
What kind of variety is there in the products offered in an oligopoly?
some variety in products
What kind of control do ologopolists have over price?
What kind of control do ologopolists have over price?
some price control
What barriers to entry exist in oligopolies?
What barriers to entry exist in oligopolies?
high barriers exist (such as high start up costs or patents)
What do we call the way that firms attract customers through style, service, or location, but not a lower price?
What do we call the way that firms attract customers through style, service, or location, but not a lower price?
nonprice competition
How many firms are in a market that is monopolistically competitive?
How many firms are in a market that is monopolistically competitive?
many firms
What kind of variety is there in the products offered in a monopolistically competitive market?
What kind of variety is there in the products offered in a monopolistically competitive market?
some
What kind of control is there over price in monopolistic competition?
What kind of control is there over price in monopolistic competition?
little (but still some)
What barrier to entry exist in monopolistic competition?
What barrier to entry exist in monopolistic competition?
low barriers exist
WHat is product differentiation?
WHat is product differentiation?
making a product different from other similar products
Soft drinks would fall under which market structure?
Soft drinks would fall under which market structure?
oligopoly
Commodities and stocks would fall under which market structure?
Commodities and stocks would fall under which market structure?
perfect competition
Jeans and books fall under which market structure?
Jeans and books fall under which market structure?
monopolistic competition
Public water and electricity fall under which market structure?
Public water and electricity fall under which market structure?
monopoly
What do we call a formal organization of producers that agree to coordinate prices and production?
What do we call a formal organization of producers that agree to coordinate prices and production?
a cartel
What is the name of the international cartel that controls the production and price of oil?
What is the name of the international cartel that controls the production and price of oil?
Organization of Petroleum Exporting Countries (OPEC)
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