QUIZ #3

In a given sector or region, a business could be the sole supplier of goods or services.

• Natural Monopoly
• Pure Monopoly
• Public Monopolies

A market system where a single producer or seller takes on a dominant role in a market

• Monopoly
• Competition
• Monopolistic Competition

Offer critical goods and services, such as the utility sector, where energy and water are typically provided to an area by just one company.

• Natural Monopoly
• Pure Monopoly
• Public Monopolies

Entry barriers are low, and competing businesses distinguish themselves through pricing and marketing initiatives.

• Monopolistic Competition
• Pure Monopoly
• Natural Monopoly

It is a single vendor in an industry or market with strong entry barriers, such as high beginning costs, whose product has no substitutes.

• Pure Monopoly
• The Natural Monopoly
• Public Monopolies

It is a benchmark or preferred kind against which market structures seen in reality can be measured.

• A. Competition
• B. Monopoly
• C. Perfect Competition

Is when two or more parties work together to achieve an unshareable objective. Where one's gain is the other's loss.

• Competition
• Monopoly
• Perfect Competition

firms often operate with excess capacity, meaning they are producing less than they are capable of producing.

• Inefficiency
• Waste
• Consistent quality of products or services

Firms operating in monopolistic markets are incentivized to differentiate their products.

• Inefficiency
• Waste
• Consistent quality of products or services

For an individual firm to succeed, it must maintain a certain level of quality compared to its competitors.

• Inefficiency
• Waste
• Consistent quality of products or services