Economics Quiz #3

Which of the terms below defines a market with significant barriers to entry and a single supplier?

• Perfect Competition

• Monopoly

• Monopolistic Competition

• Oligopoly

Which of the following markets is the least competitive market structure?

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect Competition

Which of the terms below describes a highly competitive market with many buyers and sellers with slightly differentiated goods and services?

• Perfect Competition

• Monopolistic Competition

• Monopoly

• Oligopoly

In which of the market structures does a highly competitive market with many buyers and sellers of an identical product have no control over the price of a product?

• Monopolistic Competition

• Perfect Competition

• Monopoly

• Oligopoly

In which of the market structures does a market with few sellers in the market and with slightly different prices exist?

• Perfect Competition

• Oligopoly

• Monopoly

• Monopolistic Competition

Which market structure has the least barriers to entry?

• Oligopolies

• Perfect Competition

• Monopolistic Competition

• Monopoly

Which of the answers below is not a characteristic of monopolistic competition?

• Identical products

• Multiple buyers

• Differentiation of goods and services

• Multiple sellers

In a perfect competition which of the following factors are key for buyers when competing for sales:

• Price

• Multiple buyers

• Differentiation

• Heterogenous products

When an enterprise highlights a goods or services appearance, quality, and location rather than concentrating on the price this is known as

• Commodities

• Surplus

• Patent

• Nonprice competition

Imagine your school is purchasing new economic textbooks. Only three firms exist and all produce slightly different economic textbooks. The one that offers the best price wins the contract to provide books for your school. The type of market structure described is a:

• Monopoly

• Monopolistic competition

• Oligopoly

• Perfect competition