ECON 201 Quiz 2 prep

In which market structure do firms maximize profit when MC=MR?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

• All of these

In which market structure do firms have the most market power?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

• All of these

In which market structure do firms have the least market power?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

• All of these

In which market structure can firms produce differentiated products?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

• All of these

In which market structure does consumer income affect price and/or demand?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

• All of these

Which market structure has the lowest profit margins for firms?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

• All of these

In the long run, in which market structure are economic profits driven to 0?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

• All of these

In which market structure are substitute products never available to consumers?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

• All of these

In which market structure does the government apply anti-trust regulations?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

• All of these

Which market structure has a horizontal demand curve?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

• All of these