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Micro-Economics Ch 14 Questions

Micro-Economics Ch 14 Questions - Name Date 1 Market...

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Page 1 Name: __________________________ Date: _____________ 1. Market structures are categorized by the following two criteria: A) the number of firms and the size of the firms B) whether or not products are differentiated and the extent of advertising C) the number of firms and whether or not products are differentiated D) the size of the firms and the extent of advertising 2. Which of the following is(are) true concerning monopoly? A) Monopoly is at the opposite end of the spectrum from a perfectly competitive firm. B) A monopoly has no rivals. C) Barriers to entry prevent other firms from entering the industry. D) All of the statements are true. 3. The market structure called ________ is described as having a single producer selling a single, undifferentiated product. 4. A monopoly is a market structure characterized by: 5. A monopoly is likely to ________ and ________ than a perfectly competitive firm. 6. Compared to perfect competition: A) monopoly produces more at a lower price. B) monopoly produces where MR > MC, and a perfectly competitively firm produces where P = MC. C) monopoly may have economic profits in the long run, but in perfect competition in the long run economic profits are zero. D) perfect competition may have economic profits in the long run, but in monopoly the long run economic profits are zero.
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