Chapter 3 InQuizitive: Chaptor 3: The Market at Work: Supply and Demand INQUIZIT

Question

Chapter 3 InQuizitive: Chaptor 3: The Market at Work: Supply and Demand INQUIZITIVE Chapter 3: The Market at Work: Supply and Demand @ Pagey 71-723.1.What arethe fundamentals of markers? Fill in the blanks to complete the statement contrasting competitive and imperfect markets. Rural Internet access, with one dominant provider that faces very little competition, is a good example of: market. It functions asBy contrast, a flea market or swap meet, where buyers and sellers get together to conduct transactions, is an example of market. No . . . .,. . single control over prices exerts . exerts a monopolyan imperfect a competitiv a few significant buyer or seller many

Explanation / Answer

The market structure may be perfect competition, oligopoly, monopoly

1 Imperfect

2 Monopoly - One dominant player; price setting capability

3 many

4 Competitive - one player is not the one who has the power to set prices

5 Buyer or seller

6 Significant

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