Classification of Markets


#1. A natural monopoly occurs when:

#2. Monopolistic competition is characterized by:

#3. A market structure with many buyers and sellers, identical products, and no barriers to entry is known as:

#4. In a perfectly competitive market, firms are:

#5. Which market structure has the least control over price?

#6. Which market structure often has high barriers to entry?

#7. In a monopoly, there is:

#8. Cartels are most likely to be found in:

#9. Collusion is most likely to occur in:

#10. Which market structure often leads to allocative inefficiency?

#11. Which market structure has the highest degree of product substitutability?

#12. In economic theory, markets can be classified based on:

#13. In monopolistic competition, firms differentiate their products through:

#14. A market structure where there are only a few sellers, and each seller considers the actions of other sellers in the market is:

#15. Which of the following is a characteristic of monopolistic competition?