Question 1

When is a buyer NOT willing to spend a lot  of time researcing the market?

Accepted Answer

when the savings to be made are small

Answer

when buying large quantities of goods

Answer

when there are identical products

Answer

when prices vary but quality is the same

Question 2

What kind of market runs most efficiently when one large firm supplies all the output?

Accepted Answer

a natural monopoly

Answer

perfect competition

Answer

a network

Answer

imperfect competition

Question 3

What is one kind of monopoly that the U.S. government usually permits?

Accepted Answer

professional sports teams

Answer

certain types of medications

Answer

low price gasoline

Answer

the telephone company

Question 4

Which of the following is NOT a form of nonprice competition?

Accepted Answer

discounts

Answer

location

Answer

advertising

Answer

physical characteristics

Question 5

What is monopolistic competition?

Accepted Answer

many companies selling similar products but not identical

Answer

one company sellingseveral different products under differnt names

Answer

a few companies selling similar products

Answer

one company selling identical products under different names

Question 6

When the government deregulates a product or service what happens to it?

Accepted Answer

Some government regulations over the industry are eliminated.

Answer

The product or service bcomes cheaper.

Answer

The product aor service is available to more people.

Answer

Government control is stopped over that industry forever.

Question 7

Which of the following has been deregulated over the last few years?

Accepted Answer

airlines

Answer

electricity

Answer

low-cost housing

Answer

pharmaceuticals

Question 8

Which of the following is Not a condition for perfect competition?

Accepted Answer

sellers offer a wide variety of products

Answer

buyers and sellers are well informed

Answer

many buyers and sellers in a market

Answer

sellers are able to enter and exit the market freely

Question 9

What is the definition of an oligopoly?

Accepted Answer

2-4 firms  producing 80%

Answer

8-10 firms  producing 90%

Answer

one firm producing 90%

Answer

8-10 firms producing 70%

Question 10

What is an illegal grouping of companies that discourages competition?

Accepted Answer

trust

Answer

franchise

Answer

oligopoly

Answer

perfect competition

Question 11

What is a market structure in which a few large firms dominate the market?

Accepted Answer

oligopoly

Answer

monopoly

Answer

cartel

Answer

patent

Question 12

What is it called when a product like no other is made?

Accepted Answer

differentiation

Answer

franchise

Answer

market power

Answer

merger

Question 13

What is it called when there is the removal of some government controls over a market?

Accepted Answer

deregulation

Answer

merger

Answer

price fixing

Answer

regulation

Question 14

What is a market dominated buy a single seller?

Accepted Answer

monopoly

Answer

commodity

Answer

oligopoly

Answer

franchise

Question 15

What is a governmentissued right to operate a business?

Accepted Answer

license

Answer

patent

Answer

merger

Answer

cartel

Question 16

What is it when there is any factor that it makes it difficult to enter a market?

Accepted Answer

barrier to entry

Answer

antitrust laws

Answer

trust

Answer

price war

Question 17

When is a buyer NOT willing to spend a lot  of time researcing the market?

Accepted Answer

when the savings to be made are small

Answer

when prices vary but quality is the same

Answer

when there are identical products

Answer

when buying large quantities of goods

Question 18

When is a buyer NOT willing to spend a lot  of time researching the market?

Accepted Answer

when the savings to be made are small

Answer

when buying large quantities of goods

Answer

when prices vary but quality is the same

Answer

when there are identical products

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