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- 1. Multiple ChoiceHow many firms are there in a perfect competition?12-5Many
- 2. Multiple ChoiceWhy does no one firm dominate in a perfect competition?No firm wants toEach firm sells to different peopleEach firm produces so little of the total supply that they cannot influence pricesOne firm will eventually dominate and make it a monopoly
- 3. Multiple ChoiceFactors that make it difficult for new firms to enter a market are calledBarriers to entryFactors of productionLimited supplyMonopolistic Outlook
- 4. Multiple ChoiceHow many firms are there in a monopoly?12-5Many
- 5. Multiple Choice
What prevents firms from entering a monopoly?
Barriers to Entry
Technology
Price
Barriers to Travel
- 6. Multiple ChoiceAn industry that is dominated by a few large firms ismonopolistic competition.a monopoly.perfect competition.an oligopoly.
- 7. Multiple ChoiceBusinesses can "Collude" or work together to set pricesOligopolyMonopolyPerfect Competition
- 8. Multiple ChoiceA market structure characterized by firms producing similar product with easy entry into the marketPerfect CompetitionMonopolistic CompetitionMonopoly
- 9. Multiple ChoiceChoose the example that goes best with an oligopoly.applescell phone providersutilitiesclothing
- 10. Multiple Choice
Which of the following industries is an example of a monopoly?
utilities/water
department stores
auto industry
commercial airlines
- 11. 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
- 12. Multiple ChoiceWhich is NOT a characteristic of a monopoly?Seller sets the market priceEntry into the market is easyFirm sells a unique productOne seller
- 13. Multiple ChoiceWhich is NOT a characteristic of perfect competition?difficult entry into the marketmany sellersidentical productno control over price
- 14. Multiple ChoiceCartels are illegal in the United States.TrueFalse
- 15. Multiple ChoiceWhy do cartels NOT last?illegalmembers have to keep agreementthey lose moneyproducts are competitive
- 16. Multiple Choice
A market that has a few sellers of basically the same goods.
Perfect Competition
Pure Monopoly
Monopolistic Competition
Oligopoly
- 17. Multiple Choice
Firms in this kind of market produce goods that are very close substitutes.
Perfect Competition
Pure Monopoly
Monopolistic Competition
Oligopoly
- 18. Multiple Choice
Public utilities are an example.
Perfect Competition
Natural Monopoly
Monopolistic Competition
Oligopoly
- 19. Multiple Choice
Government monopoly
monopoly created and or owned by the government
the exclusive legal right, given to an originator or an assignee to print, publish, perform, film, or record literary, artistic, or musical material, and to authorize others to do the same.
market structure in which the average costs of production are lowest when all output is produced by a single firm
a government authority or license conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention.
- 20. Multiple ChoiceIf Nike and Adidas merge, it would be a _____________ mergerhorizontalverticalinsaneladder
- 21. Multiple ChoiceAn oil driller, oil refinery, and gas company merge.... this is a ________________ mergerhorizontalverticalinappropriatemonopolistic
- Answer choicesTagsAnswer choicesTags