market structure quiz review

Land, labor, capital, and entrepreneurship are bought and sold in:

• factor markets

• firms

• households

• product market

identify #2 in the model

• firms

• households

• product market

• factor market

Which market structure is defined by a single product?

• pure competition

• monopoly

• monopolistic competition

• oligopoly

Under perfect competition, what sets the equilibrium price in the market?

• supply and demand

• a monopoly

• the government

• nonprice competition

What condition differentiates a market of pure competition from one of monopolistic competition?

• competition

• firms

• price

• products

Which market structure is defined by a single producer?

• oligopoly

• monopoly

• monopolistic competition

• pure competition

a monopoly is

• an industry where the government provides all the output.

• a license that gives the inventor of a new product to sell it

• a market dominated by a single seller.

• an industry that runs best when one firm produces all the output.

Price discrimination is

• the ability of a company to change prices and output like a monopolist

• the right to sell a good or service within an exclusive market.

• a factor that causes a producer’s avgcost per unit to fall as output rises.

• division of customers into groups based on how much they will pay for good

Antitrust laws allow the U.S. government to do all of the following EXCEPT

• prevent firms from selling new experimental products.

• regulate business practices

• stop firms from forming monopolies.

• break up existing monopolies

break up existing monopolies

• prevent monopolies

• promote government control

• promote inefficient commerce

• promote competition