7. Choose the correct alternative to complete each sentence:

1. In many markets there is a firm with a much larger market share than its competitors, called a … .

   a. market leader

   b. monopolist

   c. multinational

2. A company that is number two in an industry, but which would like to become number one – think of Pepsi vs. Coke, Reebok vs. Nike, Avis vs. Hertz – is known as a … .

   a. market challenger

   b. market competitor

   c. market follower

3. A smaller company in an industry, more or less content with its existing market share, is called a … .

   a. market challenger

   b. market follower

   c. market sharer

4. Small, specialized companies, which target segments within segments, are called … .

   a. market failures

   b. market followers

   c. market nichers

5. A market in which one single producer can fix an artificially high price is called a/an … .

   a. homogeneous market

   b. monopoly

   c. undifferentiated market

6. A situation in which the market leader can determine the price that its competitors can charge is called a … .

   a. dominant-firm oligopoly

   b. market failure

   c. monopoly

7. A market in which it is normal to have only one supplier – e.g. utilities such as water and sewage, gas, electricity – is called a ….

a. conglomerate

b. natural monopoly

c. pure monopoly

8. A) Add the word market either before or after each of the words below:

HELP: There are a large number of two-word nouns in English including the word market. In the field of marketing, the word market usually, but not always, comes first (e.g. market share). In the fields of economics and finance, the word market usually, but not always, comes second (e.g. stock market).

bear	over-the-counter
bull	penetration
buyer’s	perfect
capital	price
capitalization	primary
challenger	property
commodity	research
follower	secondary
forces	securities
forward	segment
free	seller’s
futures	share
labour	skimming
leader	spot
maker	stock
money	value

10. Match the words with their definitions:

laissez-faire policy monopsony labour proponent participant supply equilibrium stock item

an amount of it which someone has or which is available for them to use a market form in which only one buyer faces many sellers used to refer to the workers of a country or industry, considered as a group. the people who take part in an activity a balance between several different influences or aspects of a situation a person actively supporting a particular idea or a course of action shares in the ownership of a company when transactions between private parties are free from state intervention, including regulations, taxes, etc. a single thing, especially part of a list, group, or set