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Economic Markets: Competition and Monopolies

Total questions: 23

Worksheet time: 46mins

Name
Class
Date
1.
The term market structure refers to
a)
the theoretical characteristics of firms in the same industry.
b)
the theoretical characteristics of firms in different industries.
c)
the profit-maximizing behavior of firms that use marginal analysis.
d)
the nature and degree of competition among firms in the same industry.
2.

Which of the following is NOT a Market Structure?

a)

Perfect Competition

b)

Oligopoly

c)

Monopoly

d)

Corporation

3.
What is industry?
a)
It is the demand side of the market.
b)
It is the theoretical side of the market.
c)
It is the supply side of the market.
d)
It is the competitive side of the market.
4.
What is pure competition?
a)
A theoretical market structure with very large numbers and identical products
b)
A theoretical market structure with identical products, and freedom of entry and exit
c)
A theoretical market structure with identical products, very large numbers, and freedom of entry and exit
d)
none of the above
5.
Why is pure competition important?
a)
Economists use it to evaluate less-competitive market structures.
b)
Economists use it to evaluate the three conditions for competition.
c)
Economists use it to evaluate more-competitive market structures.
d)
Economists use it to evaluate perfect competition.
6.
Which market structure involves selling identical products?
a)
Perfect Competition
b)
Monopolistic Competition
c)
Oligopoly
d)
Monopoly
7.

In perfect competition, prices are controlled by

a)

supply and demand

b)

buyers

c)

sellers

d)

government

8.
How do monopolistic competitors try to make their products stand out?
a)
They lower their prices.
b)
They use nonprice competition such as advertising.
c)
They raise their prices.
d)
They maximize profits.
9.

In which of the following market structures is advertising most important?

a)

pure monopoly

b)

monopolistic competition

c)

oligopoly

d)

cartel

10.
What is oligopoly?
a)
It is a market structure in which products are always similar.
b)
It is a market structure in which a very few large sellers dominate the industry.
c)
It is a market structure in which one seller controls the industry.
d)
It is a market structure in which prices are similar between sellers.
11.

An oligopoly engages in ____________________ in which advertising emphasizes minor differences and tries to build customer loyalty.

a)

direct distribution

b)

nonprice competition

c)

monopolistic competition

d)

barriers to entry

12.

Markets like automobiles, cell phones, cable TV, and internet providers are examples of which market structure?

a)

Monopoly

b)

Oligopoly

c)

Perfect competition

d)

Monopolistic competition

13.

________________________ is the real or perceived differences in the good or service that make it more valuable in the customer’s opinion.

a)

Product differentiation

b)

Nonprice competition

c)

Monopolistic competition

d)

Barriers to entry

14.

Which of the following describes the selling of the same product to different consumers at different prices?

a)

Price discrimination

b)

Interdependent Pricing

c)

Price competition

d)

The Price is Right with Bob Barker

15.

When sellers secretly agree to set production levels or prices, it is called

a)

collusion

b)

manipulation

c)

price leadership

d)

cartel

16.
Name one form of collusion.
a)
Profit maximization
b)
Profit sharing
c)
Price fixing
d)
Non-price competition
17.

Which of the following is a characteristic of a pure monopoly?

a)

many sellers of the good or service

b)

only one seller of the good or service

c)

many substitutes for the good or service being sold

d)

no barrier to entry

18.

It has four categories: natural, geographic, technological, government.

a)

Perfect competition

b)

Pure monopoly

c)

Oligopoly

d)

Monopolistic competition

19.

A monopoly is protected by

a)

monopolistic competition

b)

barriers to entry

c)

nonprice competition

d)

product differentiation

20.

An inventor’s exclusive right to make, use, or sell an invention for a specified number of years.

a)

copyright

b)

patent

c)

oligopoly

d)

cartel

21.

What kind of monopoly does the granting of patents encourage?

a)

Natural Monopoly

b)

Technological Monopoly

c)

Government Monopoly

d)

Mr. Wonderful's Monopoly

22.
What type of monopoly is based on ownership of a manufacturing method or other scientific process?
a)
Geographic monopoly
b)
Natural monopoly
c)
Government monopoly
d)
Technological monopoly
23.

What kind of monopoly often provides public goods?

a)

Natural Monopoly

b)

Geographic Monopoly

c)

Government Monopoly

d)

Technological Monopoly

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