market structures.

1. In which market structure does a single firm dominate the entire industry with no close substitutes?

• Perfect Competition

• Oligopoly

• Monopoly

• Monopolistic Competition

2. Which of the following is NOT a characteristic of perfect competition?

• Many buyers and sellers

• Differentiated products

• Free entry and exit

• Price-taking behavior

3. In an oligopoly, firms may engage in which of the following behaviors?

• Collusion to set prices

• Price wars

• All of the above

4. Which market structure is most likely to involve heavy spending on branding and advertising?

• Perfect Competition

• Monopolistic Competition

• Monopoly

5. In which type of market structure do firms have no control over price and must accept the market price?

• Monopoly

• Monopolistic Competition

• Perfect Competition