#1
Which of the following is a characteristic of perfect competition?
Few sellers in the market
Homogeneous products
Barriers to entry
Price control by a single firm
#2
Which market structure is characterized by a single seller with significant control over price?
Perfect competition
Monopoly
Monopolistic competition
Oligopoly
#3
Which market structure typically results in the highest level of product differentiation?
Perfect competition
Monopoly
Monopolistic competition
Oligopoly
#4
Which market structure is most likely to result in allocative efficiency?
Perfect competition
Monopoly
Monopolistic competition
Oligopoly
#5
Which market structure is characterized by a large number of firms producing homogeneous products?
Perfect competition
Monopoly
Monopolistic competition
Oligopoly
#6
In monopolistic competition, firms have:
Identical products
Many substitutes
Barriers to entry
Significant control over prices
#7
Which of the following is an example of an oligopoly?
Fast food industry
Fruit vendor market
Agricultural products market
Local grocery store
#8
In a duopoly, how many firms dominate the market?
#9
What is a key feature of monopolistic competition?
Identical products
Few firms dominating the market
Low product differentiation
Some degree of market power
#10
Which of the following is an example of a monopolistic competition market?
Cell phone service providers
Electricity distribution companies
Diamond mining industry
Agricultural commodity market
#11
What is a characteristic of an oligopoly?
Many small firms with differentiated products
Single seller with complete control over price
A few large firms dominating the market
Unlimited entry of new firms
#12
What is a characteristic of a natural monopoly?
Low barriers to entry
Many sellers in the market
High fixed costs and low marginal costs
Perfect competition
#13
What market structure exhibits strategic interdependence among firms?
Perfect competition
Monopoly
Oligopoly
Monopolistic competition
#14
What is a characteristic of a contestable market?
High barriers to entry
Low sunk costs
Few firms dominating the market
Perfect information
#15
In which market structure do firms have the least control over price?
Perfect competition
Monopoly
Oligopoly
Monopolistic competition
#16
What is a characteristic of a monopolistic market?
Many small firms with identical products
Single seller with complete control over price
Few large firms dominating the market
Unlimited entry of new firms