Ag Business Test 2

Which of the following describes the business action of 2 or more companies striving to gain customers

• Communism

• Capitalism

• Competition

• Monopoly

Which of the following is NOT an example of how competition helps consumers?

• Providing more choices

• Raising prices

• Offering incentives

• Lowering prices

Competition thrives in which of the following types of economies

• Free enterprise

• Capitalist

• Communist

• Laissez-faire

Which of the following can create a price war

• Price competition

• Non-price competition

Which type of economy resembles communism because most resources are government owned?

• Free enterprise

• Capitalist

• Laissez-faire

• Socialist

Which of the following accounts for the eight general forms of market competition?

• Oligopoly

• Communism

• Alternative market structures

• Laissez-faire

Which of the following creates markets with large numbers of buyers and sellers exchanging a homogenous product?

• Pure competition

• Monopolistic competition

• Oligopoly

• Pure monopoly

Which of the following markets allows all buyers and sellers to know the prices of all other buyers and sellers?

• Pure competition

• Monopolistic competion

• Oligopoly

• Pure monopoly

Which of the following literally means “few sellers”?

• Pure competition

• Monopolistic competition

• Oligoply

• Pure monopoly

Which company has been accused of having a monopoly on digital media players and online music sales?

• Zune

• Microsoft

• iTunes

• Apple