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Match the definition with the type of market structure.

Drag each item to the correct location.
(2 points)

Put responses in the correct input to answer the question. Select a response, navigate to the desired input and insert the response. Responses can be selected and inserted using the space bar, enter key, left mouse button or touchpad. Responses can also be moved by dragging with a mouse.

A market with no barriers to entry and a large number of price-taking firms.
A market with significant barriers to entry and a small number of price-setting firms.
A market with significant barriers to entry and a single price-setting firm.
A market with no barriers to entry and a large number of price-setting firms.

perfect competition
monopolistic competition
monopoly
oligopoly

1 answer

Here are the definitions matched with the correct type of market structure:

  1. A market with no barriers to entry and a large number of price-taking firms. - perfect competition

  2. A market with significant barriers to entry and a small number of price-setting firms. - oligopoly

  3. A market with significant barriers to entry and a single price-setting firm. - monopoly

  4. A market with no barriers to entry and a large number of price-setting firms. - monopolistic competition