
Market Structures
Quiz by Kelsey Halfen
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9 questions
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- Q1What is a monopolistic competition?one company selling a productmany companies selling similar but not identical productsone company selling several different products under different namesvery few companies selling identical products30s
- Q2Factors that make it difficult for new firms to enter a market are calledperfect competitionbarriers to entrystart-up costscommodities30s
- Q3Which of the following is not a form of non-price competitionphysical characteristicsadvertisingdiscountslocation30s
- Q4What is an oligopoly?formal organization to coordinate prices and productiontwo firms have a price warsingle firm dominates the marketfew firms dominate the market30s
- Q5When the government deregulates a product or service, what happens to it?the product or service becomes cheapergovernment control over the industry is stoppedsome government rules over the industry are eliminatedthe product or service is available to more people30s
- Q6What kind of market runs more efficiently when one firm supplies all of the output?perfect competitionimperfect competitionnatural monopolynetwork30s
- Q7What happens to a monopolistically competitive firm that raises their price?the firm will go out of businesscustomers substitute a rival's productgovernment will regulate the pricecustomers boycott the product30s
- Q8Soft drinks are what kind of market?oligopolymonopolyperfect competitionmonopolistic competition30s
- Q9Which is a legal type of monopoly?sports leaguespatent holdersall of thesewater company30s