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WorksheetsMarket Structure
Total questions: 20
Worksheet time: 18mins
A perfect competitive firm charges a price that is ____________.
different to other firms
higher than other firms
lower than other firms
similar to other firms
Which of the following describes a monopoly firm?
Single seller
Many sellers
Many substitutes
No barrier to entry
Which of the following is not the characteristics of Perfect Competition?
Barriers of entry
Homogenous product
Firms are price taker
Don't have non price competition
What type of advertising would we expect to see in perfectly competitive markets?
Significant advertising by individual firms
No advertising by individual firms but potential advertising by the industry as a whole
No advertising by individual firms or by the industry as a whole
Significant advertising by individual firms and by the industry as a whole
Perfectly competitive markets sell
differentiated products
homogenous products
a variety of both types of products
Which of the following is not a barrier to entry in a monopolized market?
The presence of many buyers and sellers in the market
The government gives a single firm the exclusive right to produce some good.
The costs of production make a single producer more efficient than a large number of producers.
A key resource is owned by a single firm.
Which of the following best describes an oligopoly?
many monopolistically competitive firms
a few firms sharing monopoly power
a former monopoly that has been broken up by the government
a government-granted franchise or monopoly
The market for agricultural produce is an example of:
monopoly
oligopoly
monopolistic competition
perfect competition
Coke and Pepsi are the main producers and control the soda market. This is an example of:
Oligopoly
Monopoly
Monopolistic Competition
Perfect Competition
Buyers have few choices when it comes down to satellite TV and internet providers. Basically, the producers are pretty much the same. This is an example of
monopoly
oligopoly
monopolistic competition
perfect competition
Your family can only get electricity or natural gas to their home through one provider. There is no other option. This is an example of_
monopoly
monopolistic competition
oligopoly
perfect competition
What is monopolisitc competition?
one company selling identical products under different names
many companies selling similar but not identical products
a very few companies selling identical products
one company selling different products under different names
To attract buyers, monopolistic competitors tend to rely on ______.
low prices
superior products
price controls
advertising and promotions
This industry should be described as which market structure?
perfect competition
oligopoly
monopoly
monopolistic competition
A price-taking firm
cannot influence the price of the product it sells
sets the product's price to whatever level the owner decides upon
talks to rival firms to determine the best price for all of them to charge
Which of the following is true of the monopoly structure?
Monopolies tend to generate high profits, have high barriers of entry, and not have significant competition.
Monopolies tend to generate high profits, have high barriers of entry, and have significant competition.
Monopolies tend to generate high profits, have low barriers of entry, and not have significant competition.
In Monopolistic Competition you would find that purchases are made generally based on __
supply/demand
brand loyalty
price
price of substitute products
