Spot the market form that does NOT match

Exercise and reference answers

Questions

1. Items

   1. Perfect competition
   2. Free trade
   3. Monopoly
   4. Monopolistic competition

   Reason

   Free trade is a policy stance; the other three are market structures.

   Odd item

   Free trade

2. Items

   1. Many sellers
   2. Differentiated products
   3. Price fixed by government
   4. Easy entry

   Reason

   Monopolistic competition has firms set their own prices; price-fixing by government is a separate regime.

   Odd item

   Price fixed by government