1. In which of the following industry structures is the entry of new firms the m

01 Jun 1. In which of the following industry structures is the entry of new firms the m

Posted at 01:55h in Essay Writing Services by Past Papers

Question

1.	In which of the following industry structures is the entry of new firms the most difficult?
A)	pure monopoly
B)	oligopoly
C)	monopolistic competition
D)	perfect competition

2.	A one-firm industry is known as:
A)	monopolistic competition
B)	oligopoly
C)	pure monopoly
D)	perfect competition

3.	An industry comprised of a small number of firms, each of which considers the potential reactions of its rivals in making price-output decisions is called:
A)	monopolistic competition
B)	oligopoly
C)	pure monopoly
D)	perfect competition

4.	Mutual interdependence would tend to limit control over price in which market model?
A)	monopolistic competition
B)	perfect competition
C)	pure monopoly
D)	oligopoly

5.	In which two market models would advertising be used most often?
A)	perfect competition and monopolistic competition
B)	perfect competition and pure monopoly
C)	monopolistic competition and oligopoly
D)	pure monopoly and oligopoly

6.	Which characteristic would best be associated with perfect competition?
A)	few sellers
B)	price taker
C)	nonprice competition
D)	product differentiation

7.	A perfectly competitive seller is:
A)	both a “price maker” and a “price taker.”
B)	neither a “price maker” nor a “price taker.”
C)	a “price taker.”
D)	a “price maker.”

8.	Which of the following is not a basic characteristic of perfect competition?
A)	considerable nonprice competition
B)	no barriers to the entry or exodus of firms
C)	a standardized or homogeneous product
D)	a large number of buyers and sellers

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