AE WEEK 5

What is the nature and degree of competition among firms operating in the same industry?

• Product Differentiation

• Collusion

• Market Structure

• Profit Maximization

What is the market situation that includes independent and well-informed buyers and sellers of the same economic product?

• Monopoly

• Monopolistic Competition

• Oligopoly

• Pure Competition

What is the market structure where there is only one seller of a particular economic product that has no close substitutes?

• Monopoly

• Oligopoly

• Pure Competition

• Monopolistic Competition

What is the condition of pure competition where buyers and sellers deal in identical products?

• Buyers and sellers can enter, conduct, or get out of business

• Many buyers and sellers exist

• Buyers and sellers are reasonably well-informed about the items for sale

• Buyers and sellers deal in identical products

What is the market structure that has all the conditions of pure competition except for all identical products?

• Monopoly

• Oligopoly

• Pure Competition

• Monopolistic Competition

What is the characteristic of monopolistic competition where competitors attract customers by making their product a little different?

• Product Differentiation

• Independent Behavior

• Profit Maximization

• Non-price competition

What is the market situation where very large sellers of a product dominate?

• Monopoly

• Oligopoly

• Pure Competition

• Monopolistic Competition

What is the characteristic of oligopoly where there is independent behavior among sellers?

• Collusion

• Pricing Behavior

• Price War

• Profit Maximization

What is the type of monopoly where costs are minimized by having a single firm produce the product?

• Geographic Monopoly

• Government Monopoly

• Natural Monopoly

• Technological Monopoly

What is the type of monopoly that occurs when a firm or individual has discovered a new manufacturing technique or has invented something entirely new?

• Technological Monopoly

• Geographic Monopoly

• Natural Monopoly

• Government Monopoly