Question: Task A: Directions: Read and understand each statement carefully. Write TRUE if the statement is true or FALSE if the statement is incorrect. Provide the

Task A:

Directions: Read and understand each statement carefully. Write TRUE if the

statement is true or FALSE if the statement is incorrect. Provide the answer

on the space provided.

_______1. Market structure refers to the competitive environment in which the buyers

and sellers of a product operate.

_______2. Monopoly is a market structure in which there is only buyer of a product

for which there are no close substitutes.

_______3. Oligopoly is a market structure in which there are few sellers of a product

and additional sellers cannot easily enter the industry.

_______4. Under perfect competition, changes in market supply do not affect market

price.

_______5. If a firm is small, produces a differentiated good for which there are many

close substitutes, and it is easy to enter and exit the industry, then the firm is a

monopolistic competitor.

_______6. Monopolistically competitive firms are price takers.

_______7. Monopolistically competitive firms face a downward sloping demand curve.

_______8. Monopolist's quantity of output will be lower to enable to set up the price

higher.

_______9. A perfect competition has a less market power, price takers, free entry and

exit and perfect information.

______10. The oligopoly has a complete control over the amount offered for sale.

---------

Task B: Explain the following. Provide your answers with at least FIFTEEN sentences each.

1. Why is perfect competition often described as the "ideal" market structure?

Answer:

2. How do market structures affect the economy?

Answer:

----------

Task C:

Indicate what market structure for the following business establishments/industries below.

Choices: perfect competition,

monopoly, monopolistic competition and oligopoly.

____________________1. Agriculture

____________________2. Foreign exchange

____________________3. Online Shopping

____________________4. Sugar industry

____________________5. Electricity utilities

____________________6. Broadcast media

____________________7. Water companies

____________________8. PLDT

____________________9. Petron

___________________10. Shell

___________________11. Steel industry

___________________12. Soda companies

___________________13. Restaurants

___________________14. Hotels

___________________15. Coffee shops

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