#1
Which market structure is characterized by a large number of firms producing differentiated products?
Perfect competition
Monopoly
Monopolistic competition
Oligopoly
#2
Which market structure has only one seller with no close substitutes?
Monopoly
Oligopoly
Perfect competition
Monopolistic competition
#3
What is a key characteristic of perfect competition?
Product differentiation
Barriers to entry
Price setting power
Many buyers and sellers
#4
In which market structure do firms engage in strategic behavior and non-price competition?
Perfect competition
Monopoly
Oligopoly
Monopolistic competition
#5
Which of the following is a characteristic of an oligopoly?
Many sellers offering identical products
A few sellers offering differentiated products
A single seller with significant market power
Many sellers offering differentiated products
#6
In a perfectly competitive market, what happens if a firm increases its price above the market equilibrium price?
It will gain more customers.
It will lose customers to other firms.
It will have no effect on its sales.
It will cause other firms to decrease their prices.
#7
What is a characteristic feature of an oligopoly?
Many small firms
Identical products
Price taker firms
Interdependence among firms
#8
In monopolistic competition, how does the long-run equilibrium compare to perfect competition?
Price is higher and output is lower.
Price is lower and output is higher.
Price and output are the same.
Price is lower but output is the same.
#9
What term describes a situation where a firm can influence the market price by adjusting its output?
Price taker
Price maker
Price setter
Price discriminator
#10
Which market structure is characterized by high barriers to entry and a single firm dominating the market?
Perfect competition
Monopoly
Monopolistic competition
Oligopoly
#11
What strategy might oligopolistic firms use to maintain high prices and limit competition?
Price leadership
Perfect competition
Price discrimination
Collusion
#12
What is a characteristic of monopolistic competition?
Identical products
Price setting power
Many close substitutes
Few large firms
#13
What is a common feature of both monopolies and oligopolies?
Perfect competition
Many firms competing
Barriers to entry
Homogeneous products
#14
Which market structure is characterized by barriers to entry and a single firm controlling the entire market?
Perfect competition
Monopoly
Monopolistic competition
Oligopoly
#15
Which market structure is characterized by a large number of firms and perfect information?
Perfect competition
Monopoly
Oligopoly
Monopolistic competition