Monopoly and Perfect Competition

In perfect competition, how many firms are there?

• Many

• None

• One

• Two

What type of product is sold in perfect competition?

• Undifferentiated

• Niche

• Differentiated

• Luxury

In perfect competition, are there barriers to entry or exit?

• Low barriers

• High barriers

• No barriers

• Yes, insurmountable barriers

In perfect competition, are firms price takers or price setters?

• Price setters

• Price influencers

• Price negotiators

• Price takers

In a monopoly, how many firms are there?

• Two

• None

• Many

• One

What type of product is sold in a monopoly?

• Undifferentiated

• Differentiated

• Luxury

• Niche

In a monopoly, are there barriers to entry or exit?

• High barriers

• Low barriers

• No barriers

• Yes, insurmountable barriers

In a monopoly, are firms price takers or price setters?

• Price influencers

• Price takers

• Price setters

• Price negotiators

What type of market might be closer to perfect competition?

• Technology

• Utilities

• Telecom

• Agriculture

What type of market might be closer to a monopoly?

• Telecom

• Agriculture

• Utilities

• Technology