Chapter16 - Chapter16 Oligopoly MULTIPLECHOICE 1.

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 16 Oligopoly MULTIPLE CHOICE 1. Markets with only a few sellers, each offering a product similar or identical to the others, are typically referred to as a. competitive markets. b. monopoly markets. c. monopolistically competitive markets. d. oligopoly markets. ANSWER: d. oligopoly markets. TYPE: M DIFFICULTY: 1 SECTION: 16.1 2. An oligopoly is a market in which a. there are only a few sellers, each offering a product similar or identical to the others. b. firms are price takers. c. the actions of one seller in the market have no impact on the other sellers’ profits. d. All of the above are correct. ANSWER: a. there are only a few sellers, each offering a product similar or identical to the others. TYPE: M DIFFICULTY: 2 SECTION: 16.1 3. The general term for market structures that fall somewhere in-between monopoly and perfect competition is a. incomplete markets. b. imperfectly competitive markets. c. oligopoly markets. d. monopolistically competitive markets. ANSWER: b. imperfectly competitive markets. TYPE: M DIFFICULTY: 1 SECTION: 16.1 4. In a market that is characterized by imperfect competition, a. firms are price takers. b. there is always a large number of firms. c. there are at least a few firms that compete with one another. d. the actions of one firm in the market never have any impact on the other firms’ profits. ANSWER: c. there are at least a few firms that compete with one another. TYPE: M DIFFICULTY: 2 SECTION: 16.1 5. There are two types of imperfectly competitive markets: a. monopoly and monopolistic competition. b. monopoly and oligopoly. c. monopolistic competition and oligopoly. d. monopolistic competition and cartels. ANSWER: c. monopolistic competition and oligopoly. TYPE: M DIFFICULTY: 1 SECTION: 16.1 223
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
224   Chapter 16/Oligopoly 6. Monopolistically competitive firms are typically characterized by a. many firms selling products that are similar, but not identical. b. many firms selling identical products. c. a few firms selling products that are similar, but not identical. d. a few firms selling highly different products. ANSWER: a. many firms selling products that are similar, but not identical. TYPE: M DIFFICULTY: 1 SECTION: 16.1 7. A special kind of imperfectly competitive market that has only two firms is called a. a two-tier competitive structure. b. an incidental monopoly. c. a doublet. d. a duopoly. ANSWER: d. a duopoly. TYPE: M DIFFICULTY: 1 SECTION: 16.2
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 47

Chapter16 - Chapter16 Oligopoly MULTIPLECHOICE 1.

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online