Solved by verified expert :11)
A market in which firms sell a homogeneous product and cannot influence market
price is most likely
A)
a perfectly competitive market.
B)
an oligopoly.
C)
a monopolistically competitive market.
D)
a monopoly market.
12)
In a market for a homogeneous good, if sellers and buyers can enter or exit a
market freely, the market is most likely
A)
an oligopoly.
B)
a monopolistically competitive market.
C)
a monopoly.
D)
a perfectly competitive market.
13)
Which of the following statements about a perfectly competitive market is
INCORRECT?
A)
There are many sellers, each supplying a small quantity.
B)
There are many buyers, each purchasing a small quantity.
C)
The market sell homogeneous products.
D)
Buyers and sellers cannot enter exit the market freely.
14)
Which of the following is the best example of a perfectly competitive firm?
A)
DeBeers Diamond Company
B)
your local cable TV company
C)
Tino’s Italian Eatery, a local restaurant
D)
Jones’s wheat farm in eastern Washington
15)
A firm that can sell as much as it can produce at the market price is likely
operating in
A)
a perfectly competitive market.
B)
a monopoly market.
C)
a monopolistically competitive market.
D)
an oligopoly market.
16)
A perfectly competitive firm can
A)
affect the market price for its good.
B)
sell as much as it can produce at the market price.
C)
prevent entry of other firms into their market.
D)
collude with its competitors to set prices.
17)
A market where individual firms cannot affect the market price of their good is
most likely
A)
a monopoly market.
B)
an oligopoly market.
C)
a monopolistically competitive market.
D)
a perfectly competitive market.
18)
How does the firm-specific demand curve in a perfectly competitive market
compare to that in a monopoly?
A)
The firm-specific demand curve in a perfectly competitive market is horizontal.
The demand curve in a monopoly is downward sloping.
B)
They are the same.
C)
The firm-specificdemand curve in
a perfectly competitive market is horizontal. The demand curve in a monopoly is
upward sloping.
D)
The firm-specificdemand curve in
a perfectly competitive market is vertical. The demand curve in a monopoly is
horizontal.
19)
In which of the following market structures do you find many sellers?
A)
monopoly
B)
perfect competition
C)
monopolistic competition
D)
monopolistic competition and perfect competition
20)
In which of the following market structures do you no barriers to entry?
A)
monopoly
B)
perfect competition
C)
monopolistic competition
D)
monopolistic competition and perfect competition
