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- 1. Multiple Choice
List the four market structures in the order from least competitive to most competitive.
Oligopoly, Monopoly, Perfect Competition, Monopolistic Competition
Perfect Competition, Oligopoly, Monopoly, Monopolistic Competition
Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition
Monopoly, Monopolistic Competition, Perfect Competition, Oligopoly
- 2. Multiple ChoiceFactors that make it difficult for new firms to enter a market are calledBarriers to entryFactors of productionLimited supplyMonopolistic Outlook
- 3. Multiple ChoiceHow many firms are there in a monopoly?12-5Many
- 4. Multiple ChoiceIn which market structure is there the LEAST competition?MonopolyOligopolyMonopolistic CompetitionPerfect Competition
- 5. Multiple Choice
Which of the following industries is an example of a monopoly?
Water Utilities
Departments Stores (Debenhams, John Lewis, M&S)
Auto Industry (Ford, Vauxhall, BMW, Honda, Toyota)
Airlines (BA, American Airlines, Cathay Pacific, Easy Jet)
- 6. Multiple Choice
An industry or market that is dominated by a few firms is
a Monopoly
an Oligopoly
a Competitive market
- 7. Multiple Choice
A single supplier that constitutes the entire industry is an example of
an Oligopoly
a Competitive Market
a Monopoly
- 8. Multiple Choice
Select all the kinds of barriers of entry:
High capital costs (fixed costs)
High sunk costs
Strong brand image
Patent
- 9. Multiple Choice
Markets with very few barriers to entry are usually
Monopolies
Oligopolies
Competitive Markets
- 10. Multiple Choice
A market structure where each firm is a small part of the total industry in which it operates is
an oligopoly
a monopoly
a competitive market
monopolistic competition
- 11. Multiple Choice
The market for razor blades is dominated by Procter and Gamble's Gillette and Edgewell Personal Care's razors. What level of barriers of entry are there in this market?
Low
None
High
- 12. Multiple Choice
Fill in the blank. Income Elasticity of Demand is the responsiveness of quantity demanded to a change in _______.
Price
Income
Quantity Supplied
Equilibrium
- 13. Multiple Choice
Fill in the blank. Cross Elasticity of Demand is the responsiveness of quantity _________ of one good to a change in the price of another.
Supplied
Demanded
Requested
Bargained
- Answer choicesTagsAnswer choicesTags