Economics Chapter 09 Quiz

From an economist's point of view, what is a market?

• From an economist's point of view, what is a market?

• the arrangements that people make for trading

• a group of producers who make a similar product

• the demand for a particular product

In what industry did Andrew Carnegie earn his wealth?

• Shipping

• Steel

• Meat Packing

• Oil

Which of the following is a possible barrier to entry?

• securing finances

• obtaining a patent

• attracting customers

• hiring managers

Which of the following is true of perfect competition?

• few firms

• great control of prices

• differentiated products

• ease of entry

Joan Robinson is best known for her work on

• synergy

• imperfect competition

• antitrust law

• monopolies

Which of the following is always characteristic of an oligopoly?

• differentiated products

• mutual interdependence

• three or more companies

• easy to enter, hard to exit

Which of the following is the most well-known cartel today?

• OPEC

• Standard Oil

• AT&T

• Microsoft

It is very common to find monopolies in the area of

• Agriculture

• Airline industries

• Public utilities

• Healthcare

Andrew Carnegie was well-known for his donations to community needs.

• True

• False

Price takers are companies who are able to control the price of their product.

• True

• False