Monopolies and Competition

70% of the world's oil supply is controlled by _____ which functions as a relative monopoly.

• ExxonMobil
• Shell
• OPEC
• BP

A ____ product is a product that consumers consider identical in all essential features (i.e. there isn't much difference across brands).

• Customized
• Unique
• Generic
• Standardized

If you want to enter a market where another business has monopoly-like powers, there is a barrier to ____ that makes it difficult to succeed.

• exit
• access
• growth
• entry

The CEO of Facbeook/Meta is ____.

• Mark Zuckerberg
• Bill Gates
• Elon Musk
• Jeff Bezos

McDonalds is an example of how one can ____ their business to expand.

• cut profits of

• contract
• downsize
• franchise

When two businesses combined it is called a(n) _____.

• acquisition
• divestiture
• investment

• merger

Buying a guitar from which company would benefit Erie County's economy the MOST?

• Wal-Mart

• World of Music

• Amazon

• Temu

McDonalds was initially successful because it focused on quality and ____.

• speed

• frozen foods

• tacos

• financial savings

The first McDonalds by the brothers was opened in the state of _____.

• California

• Illinois

• Pennsylvania

• Oregon

A monopoly is a price ____ because it doesn't have to consider competitors when setting prices.

• creator

• matcher
• banana

• follower