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There are fewest problems in distinguishing between which two market structures? a.oligo

 There are fewest problems in distinguishing between which two market structures?

a.oligopoly and monopolistic competition

b.monopolistic competition and perfect competition

c.monopoly and perfect competition

d.oligopoly and monopoly

e.oligopoly and perfect competition

12.              Most firms on the Fortune 500 list are

a.monopolies

b.monopolistically competitive

c.oligopolies

d.imperfectly competitive

e.perfectly competitive

13.              Entry into an oligopoly is

a.possible for anyone 

b.time consuming

c.relatively easy

d.impossible

e.relatively difficult

14.              Which characteristics best describe oligopolies?

a.low fixed costs

b.mutual interdependence

c.very large firms

d.identical pricing

e.many firms

15.              Which characteristic does not help define a monopoly?

a.no close substitutes

b.price-making behavior

c.firm is the industry

d.mutual interdependence

e.firm’s demand curve is market demand curve

16.              Natural monopolies result from the peculiar relationship between

a.government regulation and the ownership of scarce resources

b.threats to potential entrants and the price of the product

c.the size of market demand and the firm’s cost structure

d.product differentiation and the ownership of patents

e.the firm’s advertising campaigns and its labor policies

17.              Baking soda, a common household item, is produced from a mineral deposit called soda
                            ash. There is only one soda ash deposit in the United States, and it is owned by the Leg
                            and Plier Baking Soda Company. It is reasonable to describe this firm as a(n) 

a.unbalanced oligopoly

b.balanced oligopoly

c.acquisitive oligopoly

d.natural monopoly

e.unnatural monopoly

18.              Suppose there are only two steel firms in the steel industry and their prices are equal to or
                            very close to their ATCs. This circumstance suggests that

a.steel firms are not profit maximizing

b.steel has no close substitutes

c.the demand for steel is weak

d.quantity supplied is less than quantity demanded at the market prices

e.close substitutes are produced in other industries

19.              Suppose there is only one firm producing steel, one producing fiberglass, and one
                            producing concrete. If steel and concrete are considered substitute goods in construction,
                            while steel and fiberglass are considered substitute goods in auto production, there is no
                            monopoly in the

a.steel market

b.fiberglass market

c.concrete market

d.construction market

e.boat market

20.              Coca-Cola has a secret formula that has never been copied. This is because Coca-Cola

a.is an unbalanced oligopoly

b.has a trademark that cannot be copied

c.has patent rights on the formula

d.has exclusive access to formula information

e.is a natural monopoly

Dec 09 2019 Read more Less More

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