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- 1. Multiple ChoiceIn perfect competition, the product is differentiatedTrueFalse
- 2. Multiple ChoiceIn monopolistic competition there are many buyers and sellersTrueFalse
- 3. Multiple ChoiceNon-price competition is the use of ads, giveaways, or promotions to win customersTrueFalse
- 4. Multiple ChoiceIn which market structure is there the LEAST competition?MonopolyOligopolyMonopolistic CompetitionPerfect Competition
- 5. Multiple ChoiceIn which market structure is there the MOST competition?MonopolyOligopolyMonopolistic CompetitionPerfect Competition
- 6. Multiple ChoiceWhich type of market structures has many many producers(companies) that sell identical products and has no control over price?perfect competitionmonopolistic competitionoligopolymonopoly
- 7. Multiple ChoiceWhich type of market structures has very few producers(companies) that control the majority of the market?
Hint: think of the soda marketperfect competitionmonopolistic competitionoligopolymonopoly - 8. Multiple ChoiceThe jeans industry would fall into what type of market structure? ( jeans are similar but there are some differences in the product)monopolyoligopolyperfect competitionmonopolistic competition
- 9. Multiple ChoiceWhich scenario is an example of a monopoly?A local water company is the sole provider of water for a small town.A dry cleaner specializes in environmentally friendly cleaning methods.A farmer produces green beans for sale at a farmer's market.A small number of cereal companies produce most of the cereal on the market.
- 10. Multiple ChoiceIn the 1990s, AT&T controlled 80% of the phone industry and was the ONLY provider of long distance phone service. This is an example ofA monopolyMonopolistic CompetitionPerfect CompetitionOligopoly
- 11. Multiple ChoiceThis market structure has 3-4 firms who dominate 70-80% of the industry.MonopolyMonopolistic CompetitioPerfect CompetitioOligopoly
- 12. Multiple ChoiceList the four market structures in order from least competitive to most competitive.Oligopoly, Monopoly, Perfect Competition, Monopolistic CompetitionPerfect Competition, Oligopoly, Monopoly, Monopolistic CompetitionMonopoly, Oligopoly, Monopolistic Competition, Perfect CompetitionMonopoly, Monopolistic Competition, Perfect Competition, Oligopoly
- 13. Multiple ChoiceWhat is not part of perfect competition?buyer/ seller are well informedsellers cannot enter/ exit market easilylow pricesfew barriers of entry
- 14. Multiple ChoiceWhen a major car company lowers its prices, other car makers will probablymaintain existing prices.raise their prices.go out of business.lower their prices.
- 15. Multiple ChoicePerfect competition is characterized bya large number of sellers and buyers.diverse products.sellers acting together to set prices.uninformed buyers and sellers.
- 16. Multiple ChoiceThe effort by sellers to secretly set production levels or prices is calledcollusionprice leadershipcompliancenonprice competition
- 17. Multiple ChoiceABC, CBS, FOX and NBC are a great example of this market structurePerfect CompetitionImperfect CompetitionOligopolyMonopoly
- Answer choicesTagsAnswer choicesTags