Market Structure Test

What is a MONOPOLY?

• a market structure with more than one seller of a particular product

• a market structure with one seller of many products

• a market structure with only one seller of a particular product

• a market structure with

How do MONOPOLISTIC COMPETITORS make consumers aware of their product differences?

• Non- price ceiling

• Non- price competition

• Non- price fixing

• Non- price advertisement

MARKET STRUCTURE describes the nature and _____________ among firms in the same industry.

• Marketing

• Finance

• Compatibility

• Competition

What is an OLIGOPOLY?

• a market structure in which a few very large sellers dominate the industry

• a market structure in which a few very large sellers share the industry power with smaller sellers

• a market structure in which one very large seller shares the industry power with smaller sellers

• a market structure in which one very large seller dominates the market

Very large numbers, Identical products, and freedom of entry and exit are all necessary conditions for?

• price fixing

• perfect competition

• non- price marketing

• pure competition

____________ is a monopoly based on the absence of other sellers in a certain geographical area

• Natural monopoly

• Geographical monopoly

• Technological monopoly

• Government monopoly

When a 4th and 5th condition is added to pure competition, it is then called?

• perfect competition

• natural competition

• pure competition

• geographical competition

an exclusive right to manufacture, use, or sell any new or useful invention for a specific period- to the inventor, this is called a?

• trademark

• copyright

• ownership

• patent

The "monopolistic" in monopolistic competition describes the sellers efforts to convince the consumer....?

• that its products are worthy and can sell at lower prices for bargain

• that its products are unique enough to be worthy of a higher price

• that its products are better than their competitors

• that its products are just as good as their competitors

A _______________ monopoly, is a monopoly that is owned and operated by the government

• Government

• Natural

• Technological

• Geographical