L5 Quiz - Econ

Which of the following is the most common form of market structure in the United States?

• Monopoly

• Monopolistic Competition

• Oligopoly

• Pure Competition

An industry where several large firms are responsible for 70 to 80 percent of the market.

• Oligopoly

• Monopoly

• Pure Competition

• Monopolistic Competition

Most towns have one electric company, and there is no choice of supplier. This is an example of a

• Oligopoly

• Pure Competition

• Monopoly

• Monopolistic Competition

Which is a condition in a monopoly?

• Various sellers

• No substitutes

• Easy entry

• A large market

Which is not a condition in Perfect Competition?

• A large market

• Easy entry and exit

• Easily obtainable information

• Independence

• One Seller

How many basic market structures are there in the American economy?

• Two

• Three

• One

• Four

Competition is disadvantageous to consumers for several reasons.

• True

• False

True competition is commonly seen in the real world.

• True

• False

Barriers to entry or obstacles that prevent others from entering the market are most common in...

• Perfect Competition

• Oligopoly

• Monopoly

• Monopolistic Competition

Which two are not types of monopolies?

• Government Monopoly

• Technological Monopoly

• School Monopoly

• Music Monopoly