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Market Structures Quiz

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1. Which type of market structure is characterized by a large number of firms, differentiated products and free entry and exit?

2. What is a market structure in which a single firm dominates the market?

3. In which type of market structure do all firms sell an identical product?

4. Which market structure is characterized by a few dominant firms and high barriers to entry?

5. In which market structure does price equal marginal cost?

6. Which market structure is characterized by differentiated products?

7. Which market structure typically has the highest barriers to entry?

8. Which market structure is associated with economic inefficiency due to lack of competition?

9. Which market structure is least likely to have economies of scale?

10. In which market structure do firms have the most pricing power?