Classification of Markets


#1. The demand curve facing a perfectly competitive firm is:

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

#3. A natural monopoly occurs when:

#4. Monopolistic competition is characterized by:

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

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

#7. Which of the following market structures is characterized by a single seller?

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

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

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

#11. Oligopoly is characterized by:

#12. In a perfectly competitive market, economic profits in the long run are:

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

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

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