#1
In a monopoly market structure, there is:
One seller and many buyers
Many sellers and many buyers
Many sellers and one buyer
Few sellers and many buyers
#2
What is a characteristic of a monopoly?
Low barriers to entry
Many substitutes available
Price taker
Single seller
#3
What is a characteristic of monopolistic competition?
Many sellers and one buyer
Identical products
Low product differentiation
Some control over price
#4
Which of the following is NOT a barrier to entry in a monopoly market?
Government license or franchise
High startup costs
Perfect information
Control over essential resources
#5
A natural monopoly arises when:
The market is perfectly competitive
There are no barriers to entry
One firm can produce at a lower cost than two or more firms
There is no government intervention
#6
Which market structure has the highest level of product differentiation?
Perfect competition
Monopoly
Monopolistic competition
Oligopoly
#7
In an oligopoly market structure, firms often engage in:
Price-taking behavior
Collusive agreements
Perfect competition
Unrestricted market entry
#8
Which market structure is characterized by a small number of interdependent firms?
Monopoly
Perfect competition
Oligopoly
Monopolistic competition
#9
In monopolistic competition, firms face a:
Horizontal demand curve
Vertical demand curve
Downward-sloping demand curve
Upward-sloping demand curve
#10
Price discrimination is more likely to occur in a monopoly market because:
There is only one seller
There is perfect competition
There are many substitutes available
There are no barriers to entry
#11
Which market structure has the highest barriers to entry?
Perfect competition
Oligopoly
Monopolistic competition
Monopoly
#12
A duopoly market structure involves:
One seller and many buyers
Two sellers and many buyers
Many sellers and one buyer
Many sellers and many buyers
#13
A cartel is a form of collusion often seen in which market structure?
Monopoly
Perfect competition
Oligopoly
Monopolistic competition
#14
Which market structure is most likely to result in allocative inefficiency?
Monopoly
Perfect competition
Oligopoly
Monopolistic competition
#15
Which market structure is characterized by the existence of economies of scale?
Perfect competition
Monopoly
Oligopoly
Monopolistic competition