Chapter 7 Econ

An economic model that allows economists to examine competition among businesses in the same industry.

• Market structure
• Ologopoly
• Economies of scale
• Monopoly

A market organization in which many firms produce goods that are differentiated is ....

• Oligopoly
• Monopolistic Competition
• Perfect Competition
• Monopoly

A market organization in which many firms produce goods that are differentiated is ....

• Oligopoly
• Monopolistic Competition
• Perfect Competition
• Monopoly

An example of an oligopoly is....

• Wheat
• Cotton
• Clothing store
• Airplanes

Which two markets are the most different?

• Perfect Competition & Monopolistic Competition
• Monopolistic Competition & Oligopoly
• Oligopoly & Monopoly
• Perfect Competition & Monopoly

A legal document protecting the inventor of a product or process is called a...

• Logo
• Articles of Incorporation
• Charter
• Patent

In a monopoly, customers will pay a higher price because there are no alternative products to those of the supplier. 

• True
• False

Businesses in monopolistic competition should focus on making their products different from and better than competitors' products.

• True
• False

Which of the following is an example of companies in monopolistic competition?

• Nike, Regal Cinemas, Toyota
• Netflix, Hulu, Amazon Prime
• Coca-Cola, Adidas, General Electric
• AT&T, Universal Studios, Kellogg's

When there is a perfect competition, one seller emerges as the primary controller of price as it squeezes out its competitors.

• True
• False