Which market structure is characterized by a single firm dominating the entire market?

Market Structures and Their Characteristics

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Business
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10th - 12th Grade
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Hard

Sophia Harris
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Monopolistic competition
Monopoly
Perfect competition
Oligopoly
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a perfectly competitive market, firms are considered to be:
Price controllers
Price makers
Price takers
Price influencers
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a key feature of monopolistic competition?
No market power
Product differentiation
Identical products
High barriers to entry
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which market structure involves strategic interactions between a few firms?
Perfect competition
Monopolistic competition
Oligopoly
Monopoly
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In which market structure do firms face the market demand function directly?
Monopolistic competition
Monopoly
Perfect competition
Oligopoly
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is the equilibrium quantity determined in these market structures?
By equating average cost to average revenue
By equating marginal revenue to marginal cost
By equating total cost to total revenue
By equating price to average cost
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a monopolistically competitive market, what happens to profits in the long run?
Firms make fluctuating profits
Firms make zero profits
Firms make negative profits
Firms make positive profits
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