I always like to start class with a pop quiz. It is a good way to get the old gray matter going and stirs up a bit of angst and loathing. There are only three matching questions and they all relate to the dominant types of markets: (1) perfectly competitive markets, (2) perfectly monopolistic markets, and (3) the market hybrid referred to as monopolistic competition.
Question 1: Match the market types with their definition
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If you matched 1 with a, 2 with b, and 3 with c, give yourself one point.
Question 2: Now match the types of markets with their percentages of total activity
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If you matched 1 with a, 2 with b, and 3 with c, give yourself one point.
Question 3: Now match the type of market that is easiest to enter
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If you matched 1 with a, 2 with b, and 3 with c, give yourself one point.
Give yourself a passing grade if you get above a zero. 1 Based on the description of the three types of markets, this brief questionnaire illustrates that the best place, and perhaps the only place for entrepreneurs to compete is in markets characterized by monopolistic competition.
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