Name __________________________
Date _______________
Chapter 7 – Market Structure
Vocabulary & Essential Questions
Use the Economics textbook, Mr. Rich’s Power point presentation and the
supplemental readings to complete this worksheet. Reading is fundamental! Please
read before attempting to answer any questions. Always use complete sentences.
VOCABULARY TERMS
Market Structure
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Perfect Competition
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Commodity
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Monopoly
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Barriers to entry
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Market power
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Monopolistic Competition
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Oligopoly
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Cartel
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Antitrust activity
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Merger
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Deregulation
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ESSENTIAL QUESTIONS
1. What are the features of perfect competition?
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2. What are the barriers to entry that can create a monopoly?
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3. What are the market structures of monopoly and perfect competition in terms of
efficiency?
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4. What are the features of monopolistic competition?
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5. What are the features of oligopoly, and analyze firms behavior when these firms
cooperate and when they complete?
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6. What were the goals of the U.S. antitrust laws?
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7. How are the two views of government regulation different?
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8. Why have U.S. markets have grown more competitive In recent decades?
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