#1
Which market structure is characterized by many sellers offering similar but differentiated products?
Monopolistic competition
ExplanationMany firms compete by offering slightly different products.
#2
In which market structure do a few firms dominate the market?
Oligopoly
ExplanationMarket domination by a small number of firms.
#3
What is a characteristic of perfect competition?
Many buyers and sellers
ExplanationLarge number of buyers and sellers with perfect information.
#4
Which market structure often exhibits non-price competition?
Monopolistic competition
ExplanationCompetition through advertising, product differentiation, etc.
#5
Which market structure has the highest barriers to entry?
Monopoly
ExplanationHighest barriers preventing new competitors from entering the market.
#6
What is a characteristic of an oligopoly?
Few firms dominating the market
ExplanationMarket control by a small number of large firms.
#7
In which market structure is there typically only one seller?
Monopoly
ExplanationSingle seller dominating the market.
#8
Which market structure has the least control over price?
Perfect competition
ExplanationPrice is determined solely by market forces.
#9
What is an example of a barrier to entry in a monopoly?
Government regulation
ExplanationRegulatory hurdles imposed by governmental bodies.
#10
Which market structure is often associated with product differentiation?
Monopolistic competition
ExplanationProducts are similar but differentiated.