Market Structures Assessment
Test your knowledge of different market structures in economics.
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First Name
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Which of the following is NOT a characteristic of perfect competition?
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Many buyers and sellers
Identical products
Barriers to entry
Perfect information
In which market structure do firms have the most control over price?
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Perfect competition
Monopoly
Oligopoly
Monopolistic competition
Select all characteristics of an oligopoly market structure.
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Few large firms dominate the market
Firms are price takers
Products may be identical or differentiated
Significant barriers to entry
Other
Which market structure is best described by the fast food restaurant industry?
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Perfect competition
Monopoly
Oligopoly
Monopolistic competition
Briefly explain why barriers to entry are important in determining market structure.
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