Economics: Chapter 7 Review
Authored by Deda Rush
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KG - University
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36 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When there is a perfect competition, one seller emerges as the primary controller of price as it squeezes out its competitors.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The monopoly market structure is the opposite of the perfect competition market structure.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Barriers to entry in a monopolized market include legal restrictions, economies of scale, and control of an essential resource.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Monopolies can lose money.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Competition forces firms to be efficient.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Because barriers to entry are high, firms in monopolistic competition can't enter or leave the market with ease.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Firms in an oligopoly are independent; and one firm's price, output or advertising has no effect on the actions of its rivals.
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