Some examples from this set of practice questions
1.
What is Perfect/pure competition?
Answer: A market structure with many fully informed buyers and sellers of an identical products and ease of entry
2.
What are barriers to entry in market?
Answer: Legal restrictions, economies of sale, costs drop as production rises, and control of an essential resource.
3.
What is a Natural Monopoly?
Answer: A market that runs most efficiently when one large firms provides all the output
4.
What is monopolistic Competition?
Answer: A market structure in which many companies sell products that are similar but not identical.
5.
What are the conditions of monopolistic competition?
Answer: Many firms, have few artificial barriers to entry, little control over price, and differentiation in products.
6.
What is an oligopoly? What are some examples?
Answer: A market dominated by just a few firms. Steel, oil, automobiles, breakfast cereals, and tobacco are examples.
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