One difference between perfect competition and monopolistic competition is that

Firms in monopolistic competition have a degree of power

There is a large number of firms in monopolistic competition

The products are differentiated between firms

Monopolistic has a barriers to entry unlike perfect

To achieve more market power, firms can

Differentiate the products from the products of their rivals

Reduce their costs of production

Lobby the government to eliminate barriers to entry

Advertise that they charge low prices

Thousands of people leave a small town due to a factory closing down. Sales at the local grocery store become slow. What causes this change?

Prices or availability of substitutes

Prices or availability of complementary goods

Change in the weather or season

Monetary Policy is the Federal Reserve Systems attempt to

control the amount of money in circulation

control the Federal Government's debt

control state governments' spending

none of these answers are correct.

Taxes are payments made to the government on a variety of sources. Which of these can be taxed?

general purchase of goods and services

A transfer payment is one in which the government

money given to people that do not provide goods or services, such as Social Security checks

directly purchases goods and services

provides states or local governments with money for things like education, infrastructure, etc.

loans given to foreign countries for a variety of reasons

Economics Final

Authored by Alina Masotti

Social Studies

11th - 12th Grade

Used 15+ times

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49 questions

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MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which is an industry with significant barriers to entry and a single supplier?

Monopolistic Competition

Oligopoly

Monopoly

Perfect Competition

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which is a highly concentrated market with just a few interdependent firms

Monopoly

Oligapoly

Perfect Competition

Monopolistic Competition

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which is a highly competitive market with slightly differentiated products?

Monopolistic Competition

Oligopoly

Monopoly

Perfect Competition

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which is a highly competitive market where firms are price takers?

Perfect Competition

Monopoly

Oligopoly

Monopolistic Competition

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following is the most competitive market structure?

Monopolistic Competition

Perfect Competition

Oligopoly

Monopoly

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following is the least competitive market structure?

Monopoly

Monopolistic Competition

Oligopoly

Perfect Competition

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following is NOT a feature of monopolistic competition?

Numerous Sellers

Product Differentiation

Numerous Buyers

Homogenous Products

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Economics Final

Which is an industry with significant barriers to entry and a single supplier?

Which is a highly concentrated market with just a few interdependent firms

Which is a highly competitive market with slightly differentiated products?

Which is a highly competitive market where firms are price takers?

Which of the following is the most competitive market structure?

Which of the following is the least competitive market structure?

Which of the following is NOT a feature of monopolistic competition?

In which form of market structure would price be the key factor when competing?

Type of monopoly that exists as a result of the high fixed costs or start up cost

Type of monopoly that exists when a single firm controls manufacturing methods to produce

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