market power

What market type would hairdressers be?

• Monopoly

• Oligopoly

• Perfect competition

• Monopolistic competition

A firm is allocatively efficient when they produce at:

• AR = MC

• AR=AC

• MR=MC

• none of the above

How many firms do we assume to exist in a perfectly competitive market?

• fairly many

• infinitely many

• just one

• a few

Another name for "identical" products in a perfectly competitive market would be...

• Homosexual

• Homogenous

• Homophobic

• Homographic

Which industry would be the best example of a natural monopoly?

• Car mechanics

• Waste management

• Streaming services

• Agricultural goods

Can a monopoly make abnormal profits?

• Only in the short run

• Yes, both in the short run and the long run

• Only in the long run

• No, neither in the short run nor the long run

Firms in a perfectly competitive market are...

• all price-takers

• 50/50 price-takers and price-makers

• all price-makers

• none of the above

Can a firm in monopolistic competition make abnormal profits?

• Yes, but only in the short run

• Yes, both in the short run and the long run

• Yes, but only in the long run

• No, neither in the short run nor the long run

How can a firm in monopoly increase their price?

• By increasing output

• By decreasing output

• None of the above

Is a collusive oligopoly productively efficient?

• Yes, but only in the short run

• Yes, but only in the long run

• Yes, both in the short run and the long run

• No, neither in the short run nor the long run