Ch.7 Test
Quiz by David Trees
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18 questions
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- Q1When is a buyer NOT willing to spend a lot of time researcing the market?when buying large quantities of goodswhen there are identical productswhen the savings to be made are smallwhen prices vary but quality is the same30s
- Q2What kind of market runs most efficiently when one large firm supplies all the output?perfect competitiona networkimperfect competitiona natural monopoly30s
- Q3What is one kind of monopoly that the U.S. government usually permits?professional sports teamscertain types of medicationslow price gasolinethe telephone company30s
- Q4Which of the following is NOT a form of nonprice competition?discountslocationadvertisingphysical characteristics30s
- Q5What is monopolistic competition?one company sellingseveral different products under differnt namesa few companies selling similar productsmany companies selling similar products but not identicalone company selling identical products under different names30s
- Q6When the government deregulates a product or service what happens to it?The product or service bcomes cheaper.The product aor service is available to more people.Government control is stopped over that industry forever.Some government regulations over the industry are eliminated.30s
- Q7Which of the following has been deregulated over the last few years?electricitylow-cost housingairlinespharmaceuticals30s
- Q8Which of the following is Not a condition for perfect competition?sellers offer a wide variety of productsbuyers and sellers are well informedmany buyers and sellers in a marketsellers are able to enter and exit the market freely30s
- Q9What is the definition of an oligopoly?8-10 firms producing 90%one firm producing 90%2-4 firms producing 80%8-10 firms producing 70%30s
- Q10What is an illegal grouping of companies that discourages competition?franchisetrustoligopolyperfect competition30s
- Q11What is a market structure in which a few large firms dominate the market?oligopolymonopolycartelpatent30s
- Q12What is it called when a product like no other is made?differentiationfranchisemarket powermerger30s
- Q13What is it called when there is the removal of some government controls over a market?mergerderegulationprice fixingregulation30s
- Q14What is a market dominated buy a single seller?monopolycommodityoligopolyfranchise30s
- Q15What is a governmentissued right to operate a business?licensepatentmergercartel30s