If several firms decide together to set the market price below their costs for the short term to drive competitors out of business, they are participating in
Market Structure Economics

Quiz
•
Social Studies
•
10th Grade - University
•
Medium
Used 67+ times
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25 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
predatory pricing.
price discrimination.
differentiation.
economies of scale.
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
A market that is an oligopoly has
many buyers and sellers.
many firms selling slightly different products.
a few firms dominating the market.
one seller and many buyers.
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
One role of the federal government's Justice Department is to
encourage price fixing.
break up monopolies.
provide businesses with loans for start-up costs.
eliminate all barriers to entry.
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
A natural monopoly is a market that runs most efficiently when it has
few sellers and only one buyer.
many sellers and many buyers.
one large firm providing all output.
few government regulations.
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Public water is an example of a(n)
oligopoly.
natural monopoly.
cartel.
trust.
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Government is concerned with all of the following practices of oligopolies EXCEPT
price leadership.
low barriers to entry.
collusion.
cartels.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A patent, a license to operate a business, and a franchise
are given to anyone who applies for them.
are only available in a perfect competition market structure.
are ways that the government can create a monopoly.
encourage low prices.
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