In which market structure do firms sell identical products?
A) Monopoly
B) Perfect competition
C) Monopolistic competition
D) Oligopoly
Which of the following is a characteristic of perfect competition?
A) A few firms dominate the market
B) Firms produce differentiated products
C) No barriers to entry or exit
D) Firms have significant control over prices
In a monopolistic competition market, firms:
A) Sell identical products
B) Have a small number of competitors
C) Face no competition
D) Sell differentiated products
Which of the following market structures features only one seller?
A) Oligopoly
B) Monopoly
C) Monopolistic competition
D) Perfect competition
In which market structure do firms have some control over the price of their product?
A) Perfect competition
B) Monopoly
C) Oligopoly
D) Both B and C
A characteristic feature of oligopoly is:
A) Large number of firms
B) Homogeneous products
C) Price competition between firms
D) Few firms dominate the market
Which market structure is characterized by a large number of small firms, homogeneous products, and no barriers to entry?
A) Perfect competition
B) Monopoly
C) Oligopoly
D) Monopolistic competition
Which of the following is NOT a feature of monopolistic competition?
A) Large number of firms
B) Product differentiation
C) No barriers to entry or exit
D) Firms are price takers
In perfect competition, firms:
A) Set the prices
B) Do not have any influence on prices
C) Sell differentiated products
D) Compete through advertising
The demand curve for a firm in perfect competition is:
A) Downward sloping
B) Vertical
C) Horizontal
D) U-shaped
Which market structure involves firms colluding to set prices or output?
A) Perfect competition
B) Monopoly
C) Oligopoly
D) Monopolistic competition
Which market structure is most likely to result in the most efficient allocation of resources?
A) Perfect competition
B) Monopoly
C) Oligopoly
D) Monopolistic competition
In which market structure do firms have no control over the market price?
A) Monopoly
B) Oligopoly
C) Perfect competition
D) Monopolistic competition
Which of the following is an example of a monopoly?
A) A fast food chain
B) A local electricity provider
C) A software company
D) A car manufacturer
Which of the following characteristics applies to monopolies?
A) Many firms
B) Barriers to entry
C) Differentiated products
D) Price-taking behavior
Which of the following is a typical feature of an oligopoly?
A) Many firms compete with identical products
B) Firms have complete control over prices
C) Firms must consider the reactions of competitors when making decisions
D) There are no barriers to entry
In monopolistic competition, firms compete mainly through:
A) Price
B) Advertising and brand loyalty
C) Product homogeneity
D) Collusion
Which of the following market structures features differentiated products?
A) Perfect competition
B) Monopoly
C) Monopolistic competition
D) Oligopoly
Which of the following is an example of oligopoly?
A) A mobile phone manufacturer
B) A local bakery
C) A public utility company
D) A large supermarket chain
In an oligopoly, firms are typically:
A) Independent and act without concern for others
B) Interdependent and must consider rivals’ actions
C) Price takers
D) Productively inefficient
Which of the following is a disadvantage of a monopoly?
A) High product quality
B) Innovation and technological advances
C) Reduced consumer choice and high prices
D) Competitive pricing
In monopolistic competition, firms have:
A) No control over price
B) Some control over price
C) Total control over price
D) Price-taking behavior
The long-run equilibrium in a perfectly competitive market results in:
A) Firms making economic profits
B) Firms making economic losses
C) Productive and allocative efficiency
D) Price higher than marginal cost
Which of the following is an example of a market with perfect competition?
A) Agricultural markets like wheat or corn
B) Telecommunications services
C) Cable television providers
D) Oil production companies
Which of the following is a characteristic of monopolistic competition?
A) Barriers to entry are significant
B) Product differentiation exists
C) Firms are price takers
D) There is only one seller
Which of the following is NOT a characteristic of a perfectly competitive market?
A) Large number of buyers and sellers
B) Homogeneous products
C) Barriers to entry and exit
D) Firms are price takers
In which market structure do firms have some power to set prices but still face competition?
A) Monopoly
B) Perfect competition
C) Monopolistic competition
D) Oligopoly
The economic outcome in a monopoly typically results in:
A) Efficient use of resources
B) Lower prices for consumers
C) Less output than in competitive markets
D) Increased consumer choice
In which market structure is advertising most likely to be used to attract consumers?
A) Perfect competition
B) Oligopoly
C) Monopoly
D) Monopolistic competition
Which of the following best describes the price and output behavior in an oligopoly?
A) Firms set prices independently of others
B) Firms are price takers
C) Firms in an oligopoly usually set prices together or follow each other’s price changes
D) Firms compete based on price only
In perfect competition, the long-run profits are:
A) Positive
B) Negative
C) Zero
D) Increasing
Which of the following market structures has a high degree of price control?
A) Perfect competition
B) Monopoly
C) Monopolistic competition
D) Oligopoly
