Economics: Chapter 7-Market Structures

How many firms likely compete in an Oligopoly?

• 2

• 4

• Minimum of 6

• Unlimited

Which of the following is considered the opposite of a Monopoly?

• Oligopoly

• Monopolistic Competition

• Pure/Perfect Competition

• Command Economy

Public Goods are most often provided by

• Large firms/companies like Amazon and Google.

• Small businesses, similar to Mom/Pop stores.

• Philanthropists and other major donors.

• Local/State/Federal Governments.

Which is not likely to be a Public Good?

• School

• Roads

• Shopping Malls

• Parks

A local factory has created over 500 jobs for the community. This same factory must burn large quantities of coal for power.

• Public Consequences

• Positive and Negative Externality

• Public and Private Goods

• Cancellation Factor

Which of the following market structures do Economics define as "Theoretical?"

• Pure/Perfect Competition

• Monopolistic Competition

• Monopoly

• Oligopoly

Order of Market Structures with easiest/minimal barrier to entry to----- most difficult:

• Monopoly, Oligopoly, Monopolistic, Perfect Competition

• Oligopoly, Perfect, Monopoly, Monopolistic

• Perfect, Monopolistic, Oligopoly, Monopoly

All are used to characterize Market Structures except

• Number of firms.

• Differentiation of products.

• Ease of entry/exit.

• Government control.

This picture best represents a/an

• Monopoly.

• Monopolistic Competition.

• Oligopoly.

• Perfect Competition.

This record, recorded by the Beatles, is best defined as a

• Patent.

• Monopolistic Competition.

• Copyright.

• Oligopoly.