
Chapters 7 and 8 Review
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
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1.
FLASHCARD QUESTION
Front
What is a market structure in which only a few large sellers dominate and have the ability to affect prices in an industry?
Back
Oligopoly
2.
FLASHCARD QUESTION
Front
What is a market structure characterized by a single producer in a market?
Back
Monopoly
3.
FLASHCARD QUESTION
Front
What is the distinguishing feature of a market structure with monopolistic competition?
Back
product differentiation
4.
FLASHCARD QUESTION
Front
Which condition is present in pure competition but missing in monopolistic competition? Options: marginal analysis, freedom of entry and exit, very large numbers of buyers and sellers
Back
identical products
5.
FLASHCARD QUESTION
Front
A public utility is considered an acceptable type of natural monopoly because it...
Back
avoids wasteful duplication of pipes and wires
6.
FLASHCARD QUESTION
Front
A situation that caused by too much or too little production, an inefficient allocation of resources is called a....
Back
market failure.
7.
FLASHCARD QUESTION
Front
Products that are consumed collectively, but do not produce profit and are maintained by the government are known as...
Back
public goods.
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