Multiple Choice Questions

_____________is the term used to describe the amount of control or influence that consumers have on a market.
  • cell phone carriers.
  • Sovereignty
  • Monopolistic
  • Choices are driven by price when goods are identical.
Wellness Pharmaceuticals has released a new antidepressant, Lexabuzac. Which type of monopoly does the company most likely have on this medication?
  • Technological monopoly
  • cell phone carriers.
  • Monopolistic
  • sell identical items.
_____________is the type of competition that occurs in a competitive market without identical producers.
  • Sovereignty
  • cell phone carriers.
  • Monopolistic
  • monopolists set their own price.
If consumer sovereignty is considered greatest in a system of pure competition, why is sovereignty still limited?
  • There are no substitutes.
  • cell phone carriers.
  • Costs of starting a competing business are too high.
  • Choices are driven by price when goods are identical.
The market for which item generally involves pure competition?
  • corn
  • a few.
  • There are no substitutes.
  • monopolists set their own price.
In the United States, which type of industry is often considered part of an oligopoly?
  • sell identical items.
  • There are no substitutes.
  • Technological monopoly
  • cell phone carriers.
Why is the automobile industry considered an oligopoly?
  • Few barriers to market entry exist.
  • It has significant barriers to entry.It depends on brand loyalty and image to generate sales.It is dominated by a few key players.
  • High entry costs prevent new producers from entering the market.
  • Costs of starting a competing business are too high.
Why is competition limited in an oligopoly?
  • sell identical items.
  • High entry costs prevent new producers from entering the market.
  • It has significant barriers to entry.It depends on brand loyalty and image to generate sales.It is dominated by a few key players.
  • Costs of starting a competing business are too high.
Which aspect of monopolistic competition gives consumers more choice?
  • There are no substitutes.
  • Costs of starting a competing business are too high.
  • monopolists set their own price.
  • Few barriers to market entry exist.
When an oligopoly exists, how many producers dominate the market?
  • Few barriers to market entry exist.
  • a few.
  • corn
  • There are no substitutes.
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Multiple Choice Questions
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