You will see 15 real-world companies and industries. Your job is to classify each one into the correct market structure based on what you have learned.
| # | Industry | Correct Answer | Your Answer | Result |
|---|
| Characteristic | Perfect Competition | Monopolistic Competition | Oligopoly | Monopoly |
|---|---|---|---|---|
| # of Firms | Very many | Many | Few (2–10) | One |
| Product Type | Identical (homogeneous) | Differentiated (similar) | Identical or differentiated | Unique, no close substitutes |
| Entry Barriers | None | Low | High | Very high or blocked |
| Price Control | None (price taker) | Some | Significant (interdependent) | Substantial (price maker) |
| Non-price Competition | None | Advertising, branding | Advertising, brand loyalty | Public relations |
| Long-run Profit | Zero economic profit | Zero economic profit | Positive possible | Positive possible |
| Demand Curve | Perfectly elastic | Downward sloping (elastic) | Downward sloping (kinked) | Downward sloping (market demand) |
| Real-world Examples | Wheat farming, corn, stock markets | Restaurants, clothing, coffee shops | Airlines, wireless carriers, auto makers | Local utilities, USPS first-class mail |