AnswersHSA 26-27 EconomicsMarket Structures and Competition

Market Structures and Competition Answers

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1
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If consumer sovereignty is considered greatest in a system of pure competition, why is sovereignty still limited?

A
Consumers still rely on producers’ set prices.
B
Few products are actually sold on the basis of pure competition.
C
Choices are driven by price when goods are identical.
D
Limited price variations restrict actual choice.
2
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Why is the automobile industry considered an oligopoly? Select all that apply.

A
It offers little differentiation within the market.
B
It has significant barriers to entry.
C
It is controlled by companies that patent key technology.
D
It relies on price variation to attract customers.
E
It depends on brand loyalty and image to generate sales.
F
It is dominated by a few key players.
3

When an oligopoly exists, how many producers dominate the market?

A
none
B
one
C
a few
D
many
4

[BLANK]

A
Sovereignty
B
Competition
C
Oligopoly

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