#1
Which market structure is characterized by a large number of firms, identical products, and ease of entry and exit?
Perfect competition
Monopoly
Monopolistic competition
Oligopoly
#2
In which market structure does a single firm dominate the market, having complete control over the price of the product?
Perfect competition
Monopoly
Monopolistic competition
Oligopoly
#3
What is a characteristic of a monopoly?
There are few sellers with differentiated products
There are many sellers with identical products
There is one dominant seller with complete market control
There are few sellers with identical products
#4
In which market structure do firms engage in non-price competition, such as advertising and product differentiation?
Perfect competition
Monopoly
Monopolistic competition
Oligopoly
#5
What is a characteristic of a monopolistic competition?
There are few sellers with differentiated products
There are many sellers with identical products
There is one dominant seller with complete market control
There are few sellers with identical products
#6
In which market structure do firms have some control over the price they charge due to product differentiation?
Perfect competition
Monopoly
Monopolistic competition
Oligopoly
#7
Which pricing strategy involves setting prices based on the cost of production plus a markup percentage?
Penetration pricing
Cost-plus pricing
Price skimming
Value-based pricing
#8
What is a characteristic of monopolistic competition?
There are few sellers with differentiated products
There are many sellers with identical products
There is one dominant seller with complete market control
There are few sellers with identical products
#9
What is a characteristic of an oligopoly?
There are few sellers with differentiated products
There are many sellers with identical products
There is one dominant seller with complete market control
There are few sellers with identical products
#10
Which pricing strategy focuses on setting prices based on the perceived value of the product or service?
Penetration pricing
Cost-plus pricing
Price skimming
Value-based pricing
#11
Which pricing strategy involves setting a low initial price to gain market share quickly?
Penetration pricing
Cost-plus pricing
Price skimming
Value-based pricing
#12
Which market structure has the highest level of barriers to entry?
Perfect competition
Monopoly
Monopolistic competition
Oligopoly
#13
Which pricing strategy involves initially setting a high price to target early adopters and then gradually lowering it?
Penetration pricing
Cost-plus pricing
Price skimming
Value-based pricing
#14
Which pricing strategy involves setting prices below production costs to gain market share?
Predatory pricing
Cost-plus pricing
Price skimming
Value-based pricing