Unit 2 Remediation

A market that has few barriers to entry, in which products are similar, but not identical, with firms using advertising and branding strategies to change consumer tastes and preferences, is BEST described as

• monopolistic.

• oligopolistic.

• perfectly competitive.

• monopolistically competitive.

All of the following are characteristics of perfect competition EXCEPT

• firms have strong control over price--they are "price makers"

• products are identical

• there is a large number of buyers and sellers.

• there are few/no barriers to entering the market.

A market structure in which only one producer supplies a good that is in demand and has strong control over price:

• competition.

• monopoly.

• oligopoly.

• conglomerate.

A market structure with many businesses selling identical products is called a(n)

• Monopoly

• Oligopoly

• Monopolistic competition

• Perfect competition

In the circular flow model, households provide businesses with:

• goods and services

• consumers and workers

• taxes

• Government regulations

What type of market structure is described by the information?

• Pure Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

Which of the following is described by the characteristics listed in the box?

• Monopoly

• Oligopoly

• Pure competition

• Monopolistic competition

Which type of market structure has many firms that sell identical products and has no control over price?

• perfect competition
• monopolistic competition
• oligopoly
• monopoly

A few firms dominate the airline industry. Which type of market structure does this represent?

• Oligopoly

• Monopoly

• Monopolistic Competition

• Perfect Competition

Which of the following best describes the circular flow in a market economy?

• The circular flow model shows the flow of resources and money from businesses to households.

• The circular flow model shows the flow of goods, resources, and money between households and firms.

• The circular flow model shows the flow of goods, services, and resources between households and firms.

• The circular flow model shows the flow of goods and services from households to businesses.