#1
Which of the following is a characteristic of a perfectly competitive market?
High barriers to entry
Many buyers and sellers
Product differentiation
Control over prices by individual firms
#2
In which market structure do firms have the least control over prices?
Monopoly
Oligopoly
Monopolistic competition
Perfect competition
#3
Which market structure is characterized by a single seller with complete control over the market?
Oligopoly
Monopolistic competition
Perfect competition
Monopoly
#4
What is a characteristic of an oligopoly?
Many small firms
Homogeneous products
Interdependence among firms
Price-taking behavior
#5
Which market structure often results in non-price competition?
Perfect competition
Monopoly
Oligopoly
Monopolistic competition
#6
What is a characteristic of monopolistic competition?
There is only one seller in the market
Firms produce identical products
There are significant barriers to entry
Firms engage in product differentiation
#7
Which market structure is characterized by a few large firms dominating the market?
Perfect competition
Oligopoly
Monopoly
Monopolistic competition
#8
Which market structure typically leads to the highest level of efficiency?
Monopolistic competition
Perfect competition
Monopoly
Oligopoly
#9
What is a characteristic of a natural monopoly?
Many firms competing
Low economies of scale
High barriers to entry
Price-taking behavior
#10
Which market structure is characterized by free entry and exit of firms?
Oligopoly
Perfect competition
Monopoly
Monopolistic competition
#11
What is a common feature of monopolies?
Low barriers to entry
Absence of market power
Price-setting ability
Many substitutes for the product
#12
Which of the following market structures is most likely to lead to allocative inefficiency?
Perfect competition
Monopoly
Oligopoly
Monopolistic competition
#13
What is a common characteristic of a cartel?
Competition among members
Price leadership
Cooperation among firms
Perfect competition
#14
What is a characteristic of a duopoly?
Single seller dominating the market
Many sellers with identical products
Existence of only two sellers
Perfect competition
#15
Which market structure is likely to have the least allocative inefficiency?
Perfect competition
Monopoly
Oligopoly
Monopolistic competition