Chapter 4
Quiz
•
Business, English
•
University
•
Medium
Huu Nguyen
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
How many firms are there in a competitive market?
1
Many
2-5
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Why does no one firm dominate in a competitive market?
No firm wants to
Each firm sells to different people
Each firm produces so little of the total supply that they cannot influence prices
One firm will eventually dominate and make it a monopoly
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Factors that make it difficult for new firms to enter a market are called
Barriers to entry
Factors of production
Limited supply
Monopolistic Outlook
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Which of the following industries is an example of a monopoly?
utilities/water
department stores
auto industry
commercial airlines
5.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Which is NOT a characteristic of a monopoly?
Seller sets the market price
Firm sells a unique product
Entry into the market is easy
One seller
6.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Public utilities are an example of
Perfect Competition
Natural Monopoly
Monopolistic Competition
Oligopoly
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
In monopolistic competition there are many buyers and sellers
True
False
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