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Ch19_Guan CM_AISE TB - Chapter 19Pricing and Profitability...

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Chapter 19—Pricing and Profitability Analysis MULTIPLE CHOICE 1. Which of the following is NOT an example of a market structure? a. oligopoly b. monopoly c. barrier market d. perfectly competitive ANS: C PTS: 1 OBJ: 19-1 2. Which type of expenses does a monopoly usually incur that are different from the other types of mar- ket structures? a. marketing costs such as advertising, positioning, discounting and coupons b. costs of differentiation such as advertising, rebates, coupons c. no special expenses d. legal and lobbying expenditures ANS: D PTS: 1 OBJ: 19-1 3. Which of the following is true regarding expenses related to specific market structure types? 4. Market Structure Type # of firms in in- dustry Barriers to entry Uniqueness of product Perfect Competition Many (a) Not unique Monopolistic Competi- tion (b) Some unique features Oligopoly Few (c) Monopoly Very High (d) Fill in the correct responses for the blanks with letters: (a)very low, (b)few, (c)high, (d)not unique c. (a)very high, (b)few, (c)low, (d)fairly unique d. (a)low, (b)one, (c)high, (d)very unique 5. Monopolistic competition is best defined as: This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. This may not be resold, copied, or distributed without the prior consent of the publisher.
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peals to them. 6. Which of the following markets is characterized by the following: many buyers and sellers, a homo- geneous product, easy entry into and exit from the industry, and all firms are price takers? a. perfectly competitive market b. monopolistic competition c. monopoly d. oligopoly ANS: A PTS: 1 OBJ: 19-1
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