What is a common feature of an oligopoly?

• Independent decision-making

• Many buyers and sellers

• Mutual interdependence

• Homogeneous products (all the same)

Which market structure typically results in the lowest prices for consumers?

• Monopoly

• Oligopoly

• Perfect competition

• Monopolistic competition

Which market structure allows for the greatest consumer choice?

• Perfect competition

• Monopolistic competition

• Monopoly

• Oligopoly

Opportunity cost is best described as:

• The monetary cost of a decision

• The benefit of the next best alternative foregone

• The total cost of all the alternatives

• The cost of materials used in production

Which market structure is characterized by a single seller with no close substitutes for the product?

• Perfect competition

• Monopolistic competition

• Monopoly

• Oligopoly

In which market structure do many firms sell products that are similar but not identical?

• Perfect competition

• Monopolistic competition

• Monopoly

• Oligopoly

What is a key characteristic of perfect competition?

• Few sellers

• Product differentiation

• Many buyers and sellers

• Single seller

Which market structure has a few large firms that dominate the market?

• Perfect competition

• Monopolistic competition

• Monopoly

• Oligopoly

How does a monopoly determine the price of its product?

• By taking the market price as given

• By setting a price lower than competitors

• By setting a price based on marginal cost

• By choosing a price to maximize profit

Which market structure typically results in the lowest prices for consumers?

• Perfect competition

• Monopolistic competition

• Monopoly

• Oligopoly