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  1. Question 1
  2. IncorrectMark 0.00 out of 1.00Not flaggedFlag question
  3. Question text
  4. Comprised of a single supplier selling a multitude of small, independently-acting buyers.
  5.  
  6.  
  7. Answer:
  8. Perfect Competition
  9. Feedback
  10. The correct answer is: Monopoly
  11. Question 2
  12. CorrectMark 1.00 out of 1.00Not flaggedFlag question
  13. Question text
  14. Those who buy the product cannot distinguish what one seller offers from what another seller offers. So the buyer has no reason to prefer one seller to another
  15.  
  16. Answer:
  17. Perfect Competition
  18. Feedback
  19. The correct answer is: Perfect Competition
  20. Question 3
  21. IncorrectMark 0.00 out of 1.00Not flaggedFlag question
  22. Question text
  23. Extremely high barriers make it very difficult or impossible for new firms to enter an industry.
  24.  
  25. Answer:
  26. Oligopoly
  27. Feedback
  28. The correct answer is: Monopoly
  29. Question 4
  30. IncorrectMark 0.00 out of 1.00Not flaggedFlag question
  31. Question text
  32. Rivalry centers on non-price factors in addition to price competition.
  33.  
  34.  
  35. Answer:
  36. Monopolistic Competition
  37. Feedback
  38. The correct answer is: Oligopoly
  39. Question 5
  40. CorrectMark 1.00 out of 1.00Not flaggedFlag question
  41. Question text
  42. Firms in this type of MS face low barriers to entry. However, entry into in this MS is not quite as easy as entry into a perfectly competitive market.
  43.  
  44.  
  45. Answer:
  46. Monopolistic Competition
  47. Feedback
  48. The correct answer is: Monopolistic Competition
  49. Question 6
  50. CorrectMark 1.00 out of 1.00Not flaggedFlag question
  51. Question text
  52. Barriers to entry are so severe so that it is impossible for new firms to enter the market.
  53.  
  54.  
  55. Answer:
  56. Monopoly
  57. Feedback
  58. The correct answer is: Monopoly
  59. Question 7
  60. CorrectMark 1.00 out of 1.00Not flaggedFlag question
  61. Question text
  62. Buyers, sellers, and resource owners have perfect knowledge of market conditions.
  63.  
  64. Answer:
  65. Perfect Competition
  66. Feedback
  67. The correct answer is: Perfect Competition
  68. Question 8
  69. CorrectMark 1.00 out of 1.00Not flaggedFlag question
  70. Question text
  71. It means a single firm in the industry
  72.  
  73.  
  74. Answer:
  75. Monopoly
  76. Feedback
  77. The correct answer is: Monopoly
  78. Question 9
  79. CorrectMark 1.00 out of 1.00Not flaggedFlag question
  80. Question text
  81. An action of one firm may cause a reaction from other competing firms in the industry.
  82.  
  83.  
  84. Answer:
  85. Oligopoly
  86. Feedback
  87. The correct answer is: Oligopoly
  88. Question 10
  89. CorrectMark 1.00 out of 1.00Not flaggedFlag question
  90. Question text
  91. In this type of market the product being offered has no close substitutes.
  92.  
  93.  
  94. Answer:
  95. Monopoly
  96. Feedback
  97. The correct answer is: Monopoly
  98. Question 11
  99. CorrectMark 1.00 out of 1.00Not flaggedFlag question
  100. Question text
  101. The same barriers to entry that create pure monopoly also contribute the creation of this type of market. High barriers to entry protect firms from new entrants.
  102.  
  103. Answer:
  104. Oligopoly
  105. Feedback
  106. The correct answer is: Oligopoly
  107. Question 12
  108. CorrectMark 1.00 out of 1.00Not flaggedFlag question
  109. Question text
  110. Composed of a large number of independently-acting firms and buyers, each firm and buyer being sufficiently small to unable to influence the price of product transacted in the market.
  111.  
  112.  
  113. Answer:
  114. Perfect Competition
  115. Feedback
  116. The correct answer is: Perfect Competition
  117. Question 13
  118. CorrectMark 1.00 out of 1.00Not flaggedFlag question
  119. Question text
  120. There is no need for an extensive advertising or sales promotion for this type of market structure.
  121.  
  122. Answer:
  123. Monopoly
  124. Feedback
  125. The correct answer is: Monopoly
  126. Question 14
  127. CorrectMark 1.00 out of 1.00Not flaggedFlag question
  128. Question text
  129. All firms produce or produce a standardized or homogeneous and identical product.
  130.  
  131.  
  132. Answer:
  133. Perfect Competition
  134. Feedback
  135. The correct answer is: Perfect Competition
  136. Question 15
  137. CorrectMark 1.00 out of 1.00Not flaggedFlag question
  138. Question text
  139. Comprised of a large number of independently-acting firms and buyers but competitors do have some influence over price because their products are differentiated.
  140.  
  141.  
  142. Answer:
  143. Monopolistic Competition
  144. Feedback
  145. The correct answer is: Monopolistic Competition
  146. Question 16
  147. CorrectMark 1.00 out of 1.00Not flaggedFlag question
  148. Question text
  149. The owner of this type of market structure makes the price for his products or services because the products or services offered are unique and have no close substitute in the market.
  150.  
  151.  
  152. Answer:
  153. Monopoly
  154. Feedback
  155. The correct answer is: Monopoly
  156. Question 17
  157. CorrectMark 1.00 out of 1.00Not flaggedFlag question
  158. Question text
  159. Most firms posses some power to set their prices as monopolies do, and they face competition from the entry of new firms as the firms in perfect competition do.
  160.  
  161.  
  162. Answer:
  163. Monopolistic Competition
  164. Feedback
  165. The correct answer is: Monopolistic Competition
  166. Question 18
  167. CorrectMark 1.00 out of 1.00Not flaggedFlag question
  168. Question text
  169. The products offered by competing firms under a this market structure are differentiated from each other in one or more respects.
  170.  
  171.  
  172. Answer:
  173. Monopolistic Competition
  174. Feedback
  175. The correct answer is: Monopolistic Competition
  176. Question 19
  177. IncorrectMark 0.00 out of 1.00Not flaggedFlag question
  178. Question text
  179. The bulk of market supply is in the hands of a relatively few large firms who sell their products to many small buyers.
  180.  
  181.  
  182. Answer:
  183. Perfect Competition
  184. Feedback
  185. The correct answer is: Oligopoly
  186. Question 20
  187. CorrectMark 1.00 out of 1.00Not flaggedFlag question
  188. Question text
  189. The products offered by the firms are identical not only in physical attributes but are also regarded as identical by buyers who have no preference between the products of various producers.
  190.  
  191.  
  192. Answer:
  193. Perfect Competition
  194. Feedback
  195. The correct answer is: Perfect Competition
  196. Question 21
  197. CorrectMark 1.00 out of 1.00Not flaggedFlag question
  198. Question text
  199. It is competition among the few.
  200.  
  201.  
  202. Answer:
  203. Oligopoly
  204. Feedback
  205. The correct answer is: Oligopoly
  206. Question 22
  207. CorrectMark 1.00 out of 1.00Not flaggedFlag question
  208. Question text
  209. This faces little or no competition.
  210.  
  211.  
  212. Answer:
  213. Monopoly
  214. Feedback
  215. The correct answer is: Monopoly
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