Economics--Market Structures Assessment

1. ____________ exists where there is only one firm in the market.

• a. Pure monopoly
• b. Natural monopoly
• c. Monopoly
• d. Monopsony

1. Oligopoly is an imperfectly competitive market structure containing ___________ firms.

• A few
• Numerous
• Option 3

1. Market structure is the framework within which a firm sells its ___________.

• Output
• Products

1. ______________ is the money a firm receives from selling its output.

• Cold cash money
• Sales
• Revenue

Which of the following is not a characteristic of a monopoly?

• One seller
• No substitutes
• Control over price
• Control of resources
• High barriers to entry

Name one barrier to entering a market when there is a monopoly.

Which of the following is an example of a geographic monopoly?

• Target in NYC
• One grocery store in a small desert town
• Apple store in Chicago

Which of the following is an example of a technological monopoly?

• Microsoft
• Batteries

Which of the is an example of a legal monopoly?

• Yahoo
• Prescription drugs
• Disney World

What is an example of a natural monopoly?

• Centerpoint
• Apple
• Beats