#1
Which market structure is characterized by a large number of firms, identical products, and easy entry and exit?
Perfect competition
Monopoly
Oligopoly
Monopolistic competition
#2
In which market structure do firms have significant control over price due to product differentiation?
Perfect competition
Monopoly
Oligopoly
Monopolistic competition
#3
Which market structure is characterized by a single seller with no close substitutes for the product?
Perfect competition
Monopoly
Oligopoly
Monopolistic competition
#4
What is a characteristic feature of an oligopoly market?
Large number of sellers
Homogeneous products
Mutual interdependence
Free entry and exit
#5
Which market structure often results in non-price competition, such as advertising and branding?
Perfect competition
Monopoly
Oligopoly
Monopolistic competition
#6
What is a barrier to entry in a market?
A condition that makes it difficult for new firms to enter the market
A condition that encourages firms to enter the market
A condition that decreases competition
A condition that has no effect on market entry
#7
Which market structure is most likely to engage in collusion?
Perfect competition
Monopoly
Oligopoly
Monopolistic competition
#8
What is a characteristic of monopolistic competition?
Identical products
Significant control over price
Many firms
Barrier to entry
#9
What is the primary goal of a firm in a perfectly competitive market?
Maximize profit
Maximize revenue
Minimize costs
Establish monopoly power
#10
Which market structure typically results in the highest level of consumer surplus?
Perfect competition
Monopoly
Oligopoly
Monopolistic competition
#11
What is an example of a natural monopoly?
Agricultural markets
Electricity distribution
Restaurant industry
Fashion industry
#12
What is price discrimination?
Setting different prices for the same product in different markets
Setting a single price for all consumers
Setting prices based on production costs
Setting prices based on consumer preferences
#13
Which market structure is most likely to exhibit economies of scale?
Perfect competition
Monopoly
Oligopoly
Monopolistic competition
#14
What is a characteristic of a contestable market?
High barriers to entry
Low barriers to entry
No firms in the market
Single firm dominating the market
#15
Which market structure is most likely to lead to allocative inefficiency?
Perfect competition
Monopoly
Oligopoly
Monopolistic competition