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Market Structures Quiz 6 (30 MCQs)

Quiz Instructions

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1. As firms enter a monopolistically competitive market, profits of existing firms .....
2. Price Discrimination cannot persist under the following
3. This is a market dominated by a few large sellers
4. The greater the competition in the market, the greater the profit?
5. Mutual interdependence is a term economists use to describe any price change made by one firm in an oligopoly that affects the pricing behavior of other firms in the oligopoly
6. ..... Is a license to operate an individually owned business in a special geographic area as if it were a part of a large chain.
7. An agreement among firms to divide the market or set prices is known as collusion.
8. The market structure likely to have the lowest prices is:
9. As a determinant of demand, changes in peoples' incomes cause them to purchase which two types of goods?
10. In a monopoly market, the seller faces no .....
11. Non-price Competition is .....
12. Process in which a lender reclaims the property due to a lack of payment by the borrower
13. Few Large sellers with differenetiated or identical products
14. What is a contract issued by a government entity that gives a firm a sole right to provide a good or service in a certain area?
15. Productive efficiency occurs where
16. When a major airline lowers its prices, other airlines will probably
17. An unintended side-effect that either benefits or harms a third party not involved in the activity that caused it is a(n)
18. If a monopoly can perfectly price discriminate, then its marginal revenue curve will be
19. The situation in which sellers undercut each other's prices in an attempt to gain market share is called:
20. Wheat has seen a decrease in demand of 5%, while the price has increased 7%
21. If a monopolist wants to sell a larger quantity, it must
22. What type of market structure has a few firms, and a lot of control over price?
23. Which type of market structures has very few producers(companies) that control the majority of the market?
24. When businesses set prices below cost for a time to drive competitors out of a market
25. In this market, sellers have the least control over prices:
26. In a market economy, what determines what and how much to produce?
27. Tony opens up a hot chocolate stand for two hours. He spends $ 10 for ingredients and sells $ 60 worth of tasty beverages. In the same two hours, he could have provided Uber services (illegally because he isn't 18) and earned $ 40. Tony's accounting profit is ..... and an economic profit of .....
28. In which way does monopolistic competition differ from perfect competition?
29. What is NOT part of nonprice competition?
30. Compared to a perfectly competitive industry with the same demand and cost curves, a monopoly's price and quantity will be which of the following?
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