#1
Which market structure is characterized by many small firms selling identical products?
Monopoly
Oligopoly
Monopolistic competition
Perfect competition
#2
What is a key feature of a monopolistic competition market structure?
Few sellers with differentiated products
One seller with unique product
Many sellers with identical products
Few sellers with identical products
#3
Which market structure typically exhibits the highest level of economic efficiency?
Monopoly
Oligopoly
Monopolistic competition
Perfect competition
#4
In which market structure does a single firm dominate the entire market?
Monopoly
Oligopoly
Monopolistic competition
Perfect competition
#5
Which market structure is characterized by interdependent decision-making among firms?
Monopoly
Oligopoly
Monopolistic competition
Perfect competition
#6
Which market structure often leads to the highest level of product differentiation?
Monopoly
Oligopoly
Monopolistic competition
Perfect competition
#7
What is a characteristic of a monopolistic competition market structure regarding entry and exit?
High barriers to entry and exit
Low barriers to entry and exit
No barriers to entry and exit
Medium barriers to entry and exit
#8
What is a characteristic of a monopolistic competition market structure regarding price-setting power?
Firms have significant price-setting power
Firms have no price-setting power
Firms have complete price-setting power
Firms have moderate price-setting power
#9
Which market structure is most likely to result in excess capacity in the long run?
Monopoly
Oligopoly
Monopolistic competition
Perfect competition
#10
Which of the following is a characteristic of an oligopoly?
Many small firms
Few large firms
Homogeneous products
No barriers to entry
#11
In a perfectly competitive market, what is the condition for long-run equilibrium?
Marginal cost equals marginal revenue
Price equals marginal cost
Price equals marginal revenue
Average total cost equals price
#12
Which market structure typically leads to the highest level of allocative efficiency?
Monopoly
Oligopoly
Monopolistic competition
Perfect competition
#13
What is the relationship between market power and market structure?
Market power is inversely related to market structure
Market power is directly related to market structure
Market power is independent of market structure
Market power is negatively correlated with market structure
#14
Which market structure is most likely to result in allocative inefficiency?
Monopoly
Oligopoly
Monopolistic competition
Perfect competition
#15
Which market structure typically leads to the highest level of innovation?
Monopoly
Oligopoly
Monopolistic competition
Perfect competition
#16
Which market structure is most likely to exhibit collusion among firms?
Monopoly
Oligopoly
Monopolistic competition
Perfect competition