Chap_04practest

Chap_04practest - Chapter 4 Practice Test Multiple Choice...

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1 Chapter 4 Practice Test Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. A competitive market is a. a market in which there are many buyers and many sellers so that each has a negligible impact on price. b. a market where consumers cannot freely interact with sellers. c. a market where suppliers are under no government restrictions. d. a market with many buyers but few sellers. ____ 2. There are thousands of wheat farmers who produce and sell wheat and there are millions of consumers who use wheat and wheat products. The market for wheat would be considered a. perfectly competitive. b. monopolistic. c. oligopolistic. d. monopolistically competitive. ____ 3. As a seller, you would be considered part of a perfectly competitive market if a. your actions are quickly followed by competitors. b. your pricing has no impact on the amount you can sell. c. your actions essentially have no effect on the market price. d. increases in the price of your product have an impact on the market price. ____ 4. Which of the following would be an example of a monopoly? a.
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Chap_04practest - Chapter 4 Practice Test Multiple Choice...

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