AnswersHSA 26-27 EconomicsMarket Structures and Competition

Market Structures and Competition Answers

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1
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few many

A
few
B
many
2
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lower pricingfeatures and branding

A
lower pricing
B
features and branding
3

identical to different from

A
identical to
B
different from
4

Which statements describe characteristics of pure competition? Check all that apply.Prices are set by supply and demand alone.It is difficult for producers to enter the market.Producers provide identical goods to consumers.There are many producers, and each has a small market share.Only one producer controls the market.It is a theoretical state that is only approximated in the real world.

A
Prices are set by supply and demand alone.
B
It is difficult for producers to enter the market.
C
Producers provide identical goods to consumers.
D
There are many producers, and each has a small market share.
E
Only one producer controls the market.
F
It is a theoretical state that is only approximated in the real world.
5

Which situation could be the best example of an oligopoly?

A
A new producer of power tools has entered the market and is relying on low prices to attract consumers.
B
A new producer of a smart phone operating system is trying to enter the market but cannot because most cell phone makers use one of two popular operating systems.
C
A new producer of running shoes is trying to enter the market but cannot because of an existing patent.
D
A new producer of tires has entered the market and found that demand is already being met.

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Market Structures and Competition Answers — HSA…