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Market Structures and Competition Overview

Learn about perfect competition, monopolistic competition, monopoly, and oligopoly in economics. Explore concepts like barriers to entry, economies of scale, price discrimination, and more.

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Market Structures and Competition Overview

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  1. Jeopardy

  2. What’s the Difference? Vocabulary Which is it? Fill in the blank 100 100 100 100 200 200 200 200 300 300 300 300 400 400 400 400 500 500 500 500

  3. Row 1, Col 1 Perfect Competition Which market structure has a large number of firms producing the identical product?

  4. 1,2 2-4, 70% - 80% In an oligopoly, how many firms control the market? What percentage of the market do they control?

  5. 1,3 Economies of Scale ____________ means that a producer’s average cost per unit declines as output rises.

  6. 1,4 The removal of government control over some markets. What is deregulation? (100 bonus points if you can tell me which industry was mentioned in the book as having been recently deregulated!)

  7. 2,1 Monopolistic Competition Which market structure is many companies selling similar but not identical products?

  8. 2,2 Less than In a perfectly competitive market, will the market price be greater than or less than the price in a monopoly market?

  9. 2,3 Commodity A ___________ is a product that is considered the same no matter who produces it.

  10. 2,4 Barrier to Entry Any factor that makes it difficult for a new firm to enter the market. (Bonus 100 if you can tell me 2 examples)

  11. 3,1 Monopoly Which market structure runs most efficiently when one firm supplies all of the output?

  12. 3,2 True True or false, Firms in a monopolistically competitive market will earn profits in the long run as long as they constantly innovate and compete.

  13. 3,3 Price Discrimination _____________ is when a monopolist divides consumers into groups and charges different prices for the same goods. Bonus 100 for 2 examples!

  14. 3,4 License A government issued right to start a business.

  15. 4,1 Oligopoly In which market structure do a few firms dominate the market?

  16. 4,2 Monopolistic Competition Hamburgers, Jeans, and Ice Cream are examples of which market structure?

  17. 4,3 Patent A (an) ________ grants the right to sell and invention without competition to recover development expenses.

  18. 4,4 A formal organization of producers that agree to coordinate price and production. What is a Cartel? Bonus 100 points if you can tell me why they are difficult to operate!

  19. 5,1 Monopoly Which market structure will set Marginal cost equal to Marginal revenue?

  20. 5,2 Oligopoly Kellogg's, Post, General Mills and Quaker Oats are examples of which market structure?

  21. 5,3 Sherman Antitrust Act The ________________ Act gave the federal government the power to prevent monopolies and mergers that unfairly force out competitors.

  22. 5,4 Franchise The right to sell a good or service within an exclusive market.

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