4.02 Market Structures

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Market Types Review

Decide if the given example is representative of:

• a monopoly (natural, key resource, geographic or government-sponsored),
• an oligopoly,
• monopolistic competition, or
• perfect (pure) competition.

1. An electrical utility is an example of _____________Blank.

   Answer: a natural monopoly

2. Gas stations are examples of _____________Blank.

Answer: monopolistic competition

3. Chewing gum is an example of _____________Blank.

   Answer: An oligopoly

4. Wheat farmers are examples of _____________Blank.

Answer: pure competition

5. Shoe stores are examples of _____________Blank.

Answer: monopolistic competition

6. Fast food restaurants are examples of _____________Blank.

Answer: monopolistic competition

7. Automobile makers are examples of _____________Blank.

Answer: an oligopoly

8. Rice farmers are examples of _____________Blank.

   Answer: perfect competition

9. Airlines are examples of _____________Blank.

   Answer: An oligopoly

10. Water utilities are examples of _____________Blank.

    Answer: A natural monopoly

11. DeBeers diamond mines are examples of _____________Blank.

    Answer: A key resource monopoly

12. Steel producers are examples of _____________Blank.

    Answer: An oligopoly

13. Natural gas suppliers are examples of _____________Blank.

    Answer: A natural monopoly

14. Oil producers are examples of _____________Blank.

    Answer: An oligopoly

15. Grocery stores are examples of _____________Blank.

    Answer: Monopolistic competition

16. Potato farmers are examples of _____________Blank.

    Answer: Perfect competition

17. There is only one grocery store in a small town. This is an example of _____________Blank.

    Answer: A geographic monopoly

18. A patent on pharmaceutical drug is an example of ______Blank.

    Answer: A government monopoly

19. A copyright on an author's publication is an example of _______Blank.

    Answer: A government monopoly

You've completed this review activity!