AP Microeconomics Unit 4

The graph shows a(n):

• oligopsony
• monopoly
• monopsony
• perfectly competitive factor market and firm

What does marginal mean in the language of economics?

• Additional

• Less

• Satisfaction

• I can't believe it's not Butter.

What does utility mean in the language of economics?

• Additional

• Less

• Satisfaction

• I can't believe it's not Butter.

If every consumers needs are being met perfectly and every good that is being made is being sold, what type of efficiency is being achieved?

• Productive Efficiency

• Allocative Efficiency

When there is only one seller of a good or service, they are said to have a?

• Monopoly

• Oligarchy

• Monopolistic Competition

• Perfect Competition

When there are only a few sellers of a type of produce, like Smart phones, there is said to be an?

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect Competition

When there is lots of competition in a market because the barriers to entry are low and there are many substitutes that exist, this is called?

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect Competition

Laws that are meant to stop monopolies from forming are called?

• Anti-Monopoly Laws

• Anti-Trust Laws

Price fixing and collusion often occur in this type of market structure

• monopoly
• oligipoly
• perfect competition
• monopolistic competition

The airline industry is most likely in the market structure called

• perfect competition
• oligopoly
• monopolistic competition
• monopoly