Eco105exam2 - College of Saint Elizabeth ECO105 Principles of Economics I Spring 2010 Professor Michael J McDonough Exam#2 circle the correct

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ECO105 – Principles of Economics I Spring 2010 Professor Michael J. McDonough Exam #2 – circle the correct answer Student name: 1. Market structure is defined as the: a. number of firms in each industry. b. similarity of the product sold. c. ease of entry into and exit from the market. d. all of the above. 2. In the perfectly competitive market, all firms in the market are assumed to be producing: a. identical products. b. differentiated products. c. products that are heavily advertised. d. complementary products. 3. Which of the following is characteristic of a perfectly competitive market? a. There is free entry into and exit from the market. b. Individual firms can exert a perceptible influence on the market price. c. The firms in the market produce differentiated products. d. All of the above are true. 4. Which of the following best illustrates perfect competition? a. Wheat farming. b. Orange growers setting quotas under the Sunkist cooperative. c. General Motors advertising campaign for its cars. d. All of the above. 5. Perfectly competitive markets are characterized by: a. a small number of very large producers. b. very strong barriers to entry and exit. c. firms selling a homogeneous product. d. all of the above. 6. The demand for the product of a competitive price-taker firm is: a. perfectly inelastic. b.
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This note was uploaded on 04/01/2010 for the course ECO 101 taught by Professor Jon during the Spring '10 term at College of the Bahamas.

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Eco105exam2 - College of Saint Elizabeth ECO105 Principles of Economics I Spring 2010 Professor Michael J McDonough Exam#2 circle the correct

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