Chapter 10 - Market Organization

Which of the following is NOT a market characteristic?

• # of firms
• Type of product sold weekly
• Amount of information
• Degree of price control

Which of the following is NOT an example of a natural monopoly?

• U.S. Postal Service
• Local water & sewer service
• U.S. military
• Oil companies

Which of the following is NOT part of the definition of a patent?

• Legal protection for an inventor
• Can solely produce the product with protection for 17 years
• Patent infringement protection
• None of these

The opposite of a tax is a....

• Subsidy
• Retail coupon
• Retail rebate
• None of these

Imperfect competition is a type of market organization.

• True
• False

It is usually very difficult to enter a market that is a monopoly.

• True
• False

The way participants in markets are organized and how many participants there are is better known as

• perfect competition
• monopoly
• market organizations
• Corporate compliance

Total revenue - total cost is = ?

• Income
• Profit
• Debt
• Gross Revenue

In perfect competition, the market demand curve is...

• a vertical line
• a horizontal line
• a downward sloping line
• an upward sloping line

Price takers are firms in....

• perfectly competitive markets
• monopolistic markets
• oligopoly markets
• imperfect markets