Market Structure Quiz

This firm is making

• Normal profit

• Supernormal profits

• Losses

• Accounting profit

This diagram illustrates

• Allocative efficiency

• Dynamic efficiency

• Productive efficiency

• Inefficiency

This diagram illustrates

• A pure monopoly

• Monopsony

• A natural monopoly

• A duopolu

This diagram illustrates

• Firm in Per Compin the SR

• Monopolists charge a higher price and lower output

• Monopolists charge a lower price and lower output

• Both firms are allocatively efficient

This diagram represents

• A monopolist in the long run

• Per Comp in the long run

• Monopolistically competitive firm in the short run

• Monopolistically competitive firm in the long run

This diagram illustrates

• A profit maximising firm in per comp

• A profit maximising cartel

• A revenue maximising monopoly

• A natural monopoly

This diagram shows

• A comparison between allocative and productive efficiency

• A comparison between welfare loss in per comp versus monopoly

• A comparison between revenue and profit maximisation

• A rise in consumer surplus

A monopsony refers to

• A single buyer

• A single seller

• One symphony

• A cartel

This diagram illustrates

• How a monopoly might achieve EOS

• How per comp is more efficient

• How a monopoly maximises profit

• The Short run for a monopoly

P2 refers to

• Break Even point

• profit maximisation

• Where MR=MC

• Where AC is maximised