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Market structures are defined by all of the following except the

 Market structures are defined by all of the following except the

a.number of firms

b.level of prices

c.ease with which new firms can enter

d.presence of substitute goods

e.existence of barriers to entry

106.              A unique characteristic of oligopolies is their

a.differentiated products

b.profit-maximizing behavior

c.advertising campaigns

d.ability to overcome barriers to entry

e.mutual interdependence

107.              A firm employs 15,000 workers and has annual revenues of over $750 million. Knowing
                            this, we also know that the firm is in what type of market structure? 

a.monopoly

b.oligopoly

c.monopolistic competition

d.perfect competition

e.impossible to tell what market structure the firm is in

108.              The monopolist’s demand curve is identical to

a.the monopolistic competitor’s demand curve

b.the industry demand curve

c.a horizontal line that represents a constant price across the production range

d.mutual interdependence

e.a collection of firms producing the same good

109.              Natural monopolies have all of the following characteristics except

a.relatively high fixed cost

b.relatively low average variable cost

c.low levels of production

d.difficulty for new firms to enter

e.only one firm can produce profitably

110.              Think about cost structures associated with each of the following and decide which is
                            most likely to be a natural monopoly.

a.jewelry manufacturer

b.tax-preparation firm

c.movie theater

d.city bus company

e.dry cleaner

Dec 12 2019 View more View Less

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