Understanding Economic Market Structures

Which of the following is a characteristic of a perfectly competitive market structure?

• Few sellers

• Homogeneous products

• High barriers to entry

• Price maker

Which market structure is characterized by a single seller?

• Monopolistic competition

• Oligopoly

• Monopoly

• Perfect competition

Which of the following is a characteristic of public goods?

• Excludability

• Rivalry

• Non-excludability

• High cost

Which of the following is an example of a public good?

• A private swimming pool

• A national defense system

• A toll road

• A private school

What is the primary purpose of antitrust laws?

• To promote monopolies

• To encourage price fixing

• To prevent anti-competitive practices

• To increase tariffs

Which of the following is a key feature of monopolistic competition?

• Identical products

• Few sellers

• Product differentiation

• Single seller

How long does patent protection typically last in the United States?

• 10 years

• 20 years

• 50 years

• 70 years

Which of the following is NOT a characteristic of an oligopoly?

• Few sellers

• Interdependent decision-making

• Homogeneous products

• High barriers to entry

What is the main difference between a trademark and a copyright?

• Trademarks protect inventions, copyrights protect brands

• Trademarks protect brands, copyrights protect creative works

• Trademarks last 20 years, copyrights last 10 years

• Trademarks are for tangible goods, copyrights are for services

Which of the following is an example of a non-rivalrous good?

• A sandwich

• A public park

• A car

• A concert ticket