Markets and the Competitve Environment Quiz

Matching exercise

Match the items on the right to the items on the left.
only one firm in the industry that produces a product without any close substitutes and has the advantage of very strict barriers to entry
large number of firms selling similar, but not identical products that depend on product differentiation to sell their products
many firms selling identical products, no restrictions to entry, so economic profits are always zero in the long run, and they are complete price-takers with access to information about what other firms are doing
a small number of firms in the industry