#1
Which market structure is characterized by a large number of firms selling differentiated products?
Perfect competition
Monopoly
Oligopoly
Monopolistic competition
#2
In a monopoly, the firm faces a:
Horizontal demand curve
Vertical demand curve
Downward-sloping demand curve
Upward-sloping demand curve
#3
Which of the following is a barrier to entry in a monopoly market?
Government regulation
Homogeneous products
Perfect information
Low economies of scale
#4
What is a monopoly's main characteristic regarding competition?
Intense competition
Limited or no competition
Medium level of competition
Dynamic competition
#5
What is a key feature of a monopoly market?
Many buyers and many sellers
One buyer and many sellers
One seller and many buyers
Many buyers and one seller
#6
Which of the following is NOT a characteristic of monopoly?
Single seller
Price taker
Barriers to entry
Price maker
#7
What is a natural monopoly?
A monopoly formed through mergers and acquisitions
A monopoly that arises due to economies of scale
A monopoly that arises due to government regulation
A monopoly that arises due to patent protection
#8
A monopoly's marginal revenue curve lies:
Above its demand curve
Below its demand curve
Coincides with its demand curve
Does not intersect its demand curve
#9
Which of the following is a characteristic of monopolistic competition but not of monopoly?
Price maker
Homogeneous products
Free entry and exit
Downward-sloping demand curve
#10
Which of the following is NOT a type of monopoly?
Natural monopoly
Government monopoly
Monopoly of perfect competition
Geographic monopoly
#11
Which of the following is a strategy that monopolies may use to maintain their market power?
Price discrimination
Predatory pricing
Product differentiation
All of the above
#12
What is the primary goal of a monopoly?
Maximizing consumer surplus
Maximizing social welfare
Maximizing total revenue
Maximizing profit
#13
Which of the following is NOT a potential disadvantage of monopolies?
Reduced consumer choice
Inefficiency
Higher prices
Increased competition
#14
What is the primary determinant of a monopoly's market power?
Number of firms in the industry
Size of the firm
Price elasticity of demand
Government regulations
#15
What is the primary disadvantage of a monopoly from a consumer's perspective?
Higher prices
Increased competition
More choices
Decreased innovation