Monopoly Characteristics Quiz

Which characteristic is important when distinguishing between market structures?

• Number of sellers

• Number of buyers

• Number of products

• Number of competitors

What determines the competitiveness of a market?

• Number of sellers

• Number of buyers

• Number of products

• Number of competitors

What are barriers to entry in a market?

• Laws and regulations

• Economies of scale

• Patents and copyrights

• All of the above

Which type of barrier to entry is caused by specific laws and regulations?

• Legal barriers

• Economies of scale

• Patents and copyrights

• Market dominance

Which type of barrier to entry is caused by extensive economies of scale?

• Legal barriers

• Economies of scale

• Patents and copyrights

• Market dominance

Which type of barrier to entry is caused by dominating a key resource needed to produce the good?

• Legal barriers

• Economies of scale

• Patents and copyrights

• Market dominance

Can individual firms in a monopolistic market exercise control over the price they charge?

• Yes, they have full control

• Yes, but with some limitations

• No, they have no control

• No, but with some influence

What is a monopolistic market called if firms cannot control the price they charge?

• Monopoly

• Oligopoly

• Monopolistic competition

• Perfect competition

What determines the competitiveness of a market based on the control over price?

• Number of sellers

• Number of buyers

• Number of products

• Number of competitors

How many sellers are there in a monopolistic market?

• Many

• Few

• One

• None