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eco105exam2 - College of Saint Elizabeth ECO105 Principles...

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College of Saint Elizabeth 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: 3. Which of the following is characteristic of a perfectly competitive market? 4. Which of the following best illustrates perfect competition? 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.
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