Market Structures And Competition

25 July 2022
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16 test answers

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question
Which best describes the availability of substitutes in a monopoly?
answer
b. There are no substitutes.
question
Wellness Pharmaceuticals has released a new antidepressant, Lexabuzac. Which type of monopoly does the company most likely have on this medication?
answer
d. technological monopoly
question
The market for which item generally involves pure competition?
answer
b. corn
question
Which best describes how the government enables government monopolies to exist?
answer
c. by creating and running a monopoly
question
Who sets the price in a monopolistic competition?
answer
a. producers and consumers
question
The lack of competition within a monopoly means that
answer
d. monopolists set their own price.
question
Why is competition limited in an oligopoly?
answer
a. High entry costs prevent new producers from entering the market.
question
Which is an example of a government monopoly in the United States?
answer
a. the US Postal Service
question
______________ is the term used to describe the amount of control or influence that consumers have on a market.
answer
Sovereignty
question
Why is the automobile industry considered an oligopoly?
answer
b. It has significant barriers to entry. e. It depends on brand loyalty and image to generate sales. f. It is dominated by a few key players.
question
When an oligopoly exists, how many producers dominate the market?
answer
c. a few
question
____________ is the type of competition that occurs in a competitive market without identical producers.
answer
Monopolistic
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In pure competition, producers compete exclusively on the basis of
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a. sell identical items.
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Natural monopolies occur when one producer
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a. can meet the market's entire demand.
question
In the United States, which type of industry is often considered part of an oligopoly?
answer
b. cell phone carriers
question
Which best describes how the government sanctions technological monopolies?
answer
c. by issuing a patent for the technology