3.8 Market Structures
9 days ago
deanhoss
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21 QuestionsShow answers
  • Question 1
    300 seconds
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    Q. How many firms are there in a perfect competition?
    answer choices
    1
    2-5
    Many
  • Question 2
    300 seconds
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    Q. Why does no one firm dominate in a perfect competition?
    answer choices
    No firm wants to
    Each firm sells to different people
    Each firm produces so little of the total supply that they cannot influence prices
    One firm will eventually dominate and make it a monopoly
  • Question 3
    300 seconds
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    Q. Factors that make it difficult for new firms to enter a market are called
    answer choices
    Barriers to entry
    Factors of production
    Limited supply
    Monopolistic Outlook
  • Question 4
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    Q. How many firms are there in a monopoly?
    answer choices
    1
    2-5
    Many
  • Question 5
    300 seconds
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    Q.

    What prevents firms from entering a monopoly?

    answer choices

    Barriers to Entry

    Technology

    Price

    Barriers to Travel

  • Question 6
    300 seconds
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    Q. An industry that is dominated by a few large firms is 
    answer choices
    monopolistic competition.
    a monopoly.
    perfect competition.
    an oligopoly.
  • Question 7
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    Q. Businesses can "Collude" or work together to set prices
    answer choices
    Oligopoly
    Monopoly
    Perfect Competition
  • Question 8
    300 seconds
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    Q. A market structure characterized by firms producing similar product with easy entry into the market
    answer choices
    Perfect Competition
    Monopolistic Competition
    Monopoly
  • Question 9
    300 seconds
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    Q. Choose the example that goes best with an oligopoly.
    answer choices
    apples
    cell phone providers
    utilities
    clothing
  • Question 10
    300 seconds
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    Q.

    Which of the following industries is an example of a monopoly?

    answer choices

    utilities/water

    department stores

    auto industry

    commercial airlines

  • Question 11
    300 seconds
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    Q. The jeans industry would fall into what type of market structure? ( jeans are similar but there are some differences in the product)
    answer choices
    monopoly
    oligopoly
    perfect competition
    monopolistic competition
  • Question 12
    300 seconds
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    Q. Which is NOT a characteristic of a monopoly?
    answer choices
    Seller sets the market price
    Entry into the market is easy
    Firm sells a unique product
    One seller
  • Question 13
    300 seconds
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    Q. Which is NOT a characteristic of perfect competition?
    answer choices
    difficult entry into the market
    many sellers
    identical product
    no control over price  
  • Question 14
    300 seconds
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    Q.

    Cartels are illegal in the UK...

    answer choices

    True

    False

  • Question 15
    300 seconds
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    Q. Why do cartels NOT last?
    answer choices
    illegal
    members have to keep agreement
    they lose money
    products are competitive
  • Question 16
    300 seconds
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    Q.

    A market that has a few sellers of basically the same goods.

    answer choices

    Perfect Competition

    Pure Monopoly

    Monopolistic Competition

    Oligopoly

  • Question 17
    300 seconds
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    Q.

    Firms in this kind of market produce goods that are very close substitutes.

    answer choices

    Perfect Competition

    Pure Monopoly

    Monopolistic Competition

    Oligopoly

  • Question 18
    300 seconds
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    Q.

    Public utilities are an example of...

    answer choices

    Perfect Competition

    Natural Monopoly

    Monopolistic Competition

    Oligopoly

  • Question 19
    300 seconds
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    Q.

    Government monopoly

    answer choices

    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.

  • Question 20
    300 seconds
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    Q. If Nike and Adidas merge, it would be a _____________ merger
    answer choices
    horizontal
    vertical
    insane
    ladder
  • Question 21
    300 seconds
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    Q. An oil driller, oil refinery, and gas company merge.... this is a ________________ merger
    answer choices
    horizontal
    vertical
    inappropriate
    monopolistic
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