Ch. 7 Quiz

The game console industry is an example of

• Pure Competition

• An oligopoly

• a monopoly

• monopolistic competition

Microsoft has been accused of being a(n) ______ and has been fined by the government

• oligopoly

• fair company

• monopoly

• toilet paper hoarding company

How might an oligopoly control prices?

• Collusion

• Price leadership

• Nonprice competition

• All of the above

What kind of monopoly does the granting of patents encourage?

• Natural Monopoly

• Technological Monopoly

• Government Monopoly

• Mr. Wonderful's Monopoly

What kind of monopoly often provides public goods?

• Natural Monopoly

• Geographic Monopoly

• Government Monopoly

• Technological Monopoly

When sellers secretly agree to set production levels or prices, it is called

• collusion

• manipulation

• price leadership

• cartel

Which is an industry in a monopolistically competitive market?

• Cell phone providers

• Fast- food restaurants

• Strawberry production

• Boardwalk

Which industry is NOT an oligopoly?

• Comic Books

• Film Studios

• Smartphone Producers

• Clothing Companies

Why do monopolies not have to spend money on advertising?

• It's too expensive for them

• Bill Gates hates monopolies

• There is no competition and it doesn't make financial sense

• You landed on Park Place and now own all blue properties

The jeans industry would fall into what type of market structure? ( jeans are similar but there are some differences in the product)

• monopoly
• oligopoly
• perfect competition
• monopolistic competition