V. Discuss the following with your partner

III. Choose the correct answer А, В or С from the list below.

II. Complete the sentences as in the text.

I. Find answers in the text.

1. Why is market structure important? 2. What does perfect competition mean? 3. What company can control the prices in a market with perfect competition? 4. Everything on the market has to be identical, hasn`t it? 5. Have one company`s products to substitute one another? 6. Why do customers and companies want to get perfect and complete information? 7. Are new companies welcome to the market? 8. Can anybody block new companies from trading? 9. Is it possible to have any discrimination when entering a market? 10. In what case can we call competition perfect?

1. Market structure is important because… 2. In a market with perfect competition there are many… 3. Each company has its own… 4. One company`s product must satisfy… 5. There mustn`t be any barriers to… 6. Every company in the market must have the same access to the….

1. Companies usually have a.................. with senior managers at

the top and employees at the bottom.

2. McDonald’s has a very big................. of the fast food market.

3. Some teachers mark students’ work using a................. from A

to E.

4. No one’s work is.................. We all make mistakes.

5. A perfect economic system may never..... ……………………

6. A................... monopoly means an absolute or complete

monopoly.

7. Not all twins are................... Some twins are brother and sister,

for example.

8. Sometimes a person’s color or race can be a....................... to

getting work.

9. We use curtains to................. light.

10. Countries have been with each other for thousands

of years.

11. The point is where two things are balanced against

each other.

12. Honey is a healthier..................... for sugar to make things

sweet.

A	B	С
1. shape	structure	building
2. piece	part	market share
3. scale	point	grade
4. good	better	perfect
5. is	live	exist
6. pure	good	clean
7. similar	identical	same

13. Everyone should have................. to education.

8. gate	barrier	block
9. barrier	close	block
10. shopping	trading	selling
11. equilibrium	middle	equal
12. difference	addition	substitute
13. access	openings	entrance

IV. Now read the text again and decide whether these statements
are true or false.

1. Market structure describes how competitive a market is.

2. Perfect competition and pure monopoly are opposites.

3. Four conditions are necessary for perfect competition to exist.

4. In perfect competition every company makes a slightly different product.

5. Perfect competition makes it easy for new companies to start trading.

6. When there is perfect competition, companies are able to set any price they want.

Here are some things that affect how a market operates. How important do you think each one is?

— the size of companies

— what products and services are like

— what information consumers and companies have about products

— ease of entry into the market for companies

— companies having the resources and technology they need Perfect competition is really only an idea. It almost never happens in

the real world. Why do you think this is? Can you think of any market that has perfect competition?

VI. Say what you have learned about:

— Influence of market structure on prices

— Competition of small companies

— Perfect and complete information for companies

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