CH 10 - Oligopoly

CH 10 - Oligopoly - ch10 Student 1 In which of the...

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Unformatted text preview: ch10 Student: _______________________________________________________________________________________ 1. In which of the following market structures does a firm produce a unique product for which there are no close substitutes? A. Perfect competition. B. Monopolistic competition. C. Oligopoly. D. Monopoly. 2. In which of the following market structures are entry barriers the highest? A. Perfect competition. B. Monopolistic competition. C. Oligopoly. D. Monopoly. 3. There are many corn farmers, each of whom produces the same product. The corn market can best be classified as: A. Monopolistic competition. B. Perfect competition. C. Oligopoly. D. Monopoly. 4. Which of the following market structures is characterized by many firms? A. Monopolistic competition. B. Oligopoly. C. Monopoly. D. Duopoly. 5. Which of the following market structures is characterized by the absence of market power? A. Monopolistic competition. B. Oligopoly. C. Monopoly. D. Perfect competition. 6. Which of the following market structures is characterized by firms that have limited control over price? A. Monopolistic competition. B. Oligopoly. C. Monopoly. D. Duopoly. 7. Which market structure is characterized by a few interdependent firms? A. Monopoly. B. Perfect competition. C. Monopolist competition. D. Oligopoly. 8. The only market structure in which there is significant interdependence among firms with regard to their pricing and output decisions is: A. Monopolistic competition. B. Monopoly. C. Oligopoly. D. Perfect competition. 9. The number of firms in an oligopoly must be: A. Four. B. Large enough so that firms cannot coordinate. C. Small enough so that one firm's decisions have a significant impact on the decisions of the other firms in the industry. D. Small enough so that revenues are large enough to support advertising expenditures. 10. Which of the following may characterize an oligopoly? A. A few firms. B. No market power. C. Low barriers to entry. D. Substantial control over price. 11. Which of the following may characterize an oligopoly? A. Two firms. B. Some market power. C. High barriers to entry. D. Many firms. 12. Which of the following may characterize a monopoly? A. Substantial market power. B. Low barriers to entry. C. Many firms. D. Differentiated product. 13. Which of the following may characterize monopolistic competition? A. No barriers to entry. B. Substantial market power. C. Many firms. D. Standardized product. 14. Which of the following may characterize monopolistic competition? A. Two firms. B. Low barriers to entry. C. Substantial market power. D. Unique product. 15. It is most difficult for new firms to enter into: A. A perfectly competitive market. B. An oligopolistic market....
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CH 10 - Oligopoly - ch10 Student 1 In which of the...

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