Market Structures and Competition Answers

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The lack of competition within a monopoly means that

offered goods and services are lackluster.

the product’s market is small.

consumers must look elsewhere to find options.

monopolists set their own price.

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Which best describes the availability of substitutes in a monopoly?

Price points vary.

There are no substitutes.

There are different brands.

Products have different features.

Which helps enable an oligopoly to form within a market?

Costs of starting a competing business are too high.

The government restricts market entry.

The number of options in a market confuses consumers.

No competition exists between producers.

In an oligopolistic market, consumer choice is

nonexistent.

limited.

extensive.

infinite.

Which aspect of monopolistic competition gives consumers more choice?

Producers rely on consumer decisions to succeed.

Price is not an important factor.

Few barriers to market entry exist.

Producers are more concerned about selection than profits.

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