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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?

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II. Complete the sentences as in the text.

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… .

III. Choose the correct answer а, в or с from the list below.

1. Companies usually have a with senior managers at

the top and employees at the bottom.

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

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

to E.

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

  2. 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.

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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.