MARKET STRUCTURE

Which of the following best describes a market with many small firms selling identical products?

• A) Monopoly

• B) Oligopoly

• C) Perfect Competition

• D) Monopolistic Competition

In which market structure do firms have some control over their prices due to product differentiation?

• A) Perfect Competition

• B) Monopoly

• C) Monopolistic Competition

• D) Oligopoly

3. What is a key characteristic of an oligopoly?

• A) A single firm dominates the market

• B) Many firms sell identical products

• C) A few large firms dominate the market

• D) No barriers to entry

Which market structure is characterized by very high barriers to entry,

often due to patents or regulations?

• A) Perfect Competition

• B) Oligopoly

• C) Monopolistic Competition

• D) Monopoly

Which of the following is true about perfect competition?

• A) Firms have significant control over prices.

• B) There are high barriers to entry.

• C) Firms are price takers.

• D) Products are highly differentiated.

In which market structure is advertising most significant for differentiating products?

• A) Oligopoly

• B) Perfect Competition

• C) Monopoly

• D) Monopolistic Competition

What type of efficiency is typically lowest in a monopoly?

• A) Productive Efficiency

• B) Allocative Efficiency

• C) Dynamic Efficiency

• D) Technical Efficiency

Which market structure often results in significant research and development (R&D) competition?

• A) Perfect Competition

• B) Monopoly

• C) Oligopoly

• D) Monopolistic Competition

In monopolistic competition, what is primarily used by firms to attract customers?

• A) Price competition

• B) Advertising and branding

• C) Product quality

• D) Government regulation

Which of the following markets is least efficient due to a lack of competition?

• A) Perfect Competition

• B) Monopolistic Competition

• C) Oligopoly

• D) Monopoly