QUESTION 1 Match each of the terms to their description: Market Structure A. many firms sell identical products B. many firms sell similar, but not identical, products C. one firm sells a unique product D. a small number of firms control a market Perfect Competition Monopoly Monopolistic Competition the specific industry conditions that define the type of E. model v Oligopoly

You see that an industry has only a few major firms. How could you best determine that this market is an oligopoly rather than monopolistic competition?   a Look to see if there are economic profits in the short run. b Look to see if there are barriers to entry. c Look to see if there are economies of scale. d Look to see if price is above marginal cost.