Economics Principles & Practices

Chapter 7: Market Structures

Self-Check Quizzes

1
A(n) __________ may start a price war in order to get a larger share of the market.
A)perfect competitor
B)oligopolist
C)monopolist
D)economist
2
A monopoly based on ownership or control of a manufacturing method is a _______ monopoly.
A)natural
B)geographic
C)technological
D)government
3
The theoretically ideal situation of __________ is characterized by a large number of well-informed independent buyers and sellers who exchange identical products.
A)oligopoly
B)monopoly
C)perfect competition
D)monopolistic competition
4
The market structure that has all the conditions of perfect competition except for identical products is __________.
A)oligopoly
B)monopolistic competition
C)monopoly
D)perfect competition
5
When sizable deviations from one or more of the conditions required for perfect competition take place, __________ occur.
A)profits
B)market successes
C)market failures
D)oligopolistic competitions
6
When the factors of production do not move to markets where returns are highest, the economy faces the problem of __________.
A)resource immobility
B)externalities
C)resource allocation
D)rationing
7
Many activities generate some kind of __________, or unintended side effect that either benefits or harms a third party not involved in the activity that caused it.
A)externality
B)profit
C)dividend
D)revenue
8
The __________ Act sought to do away with restraints and monopolies that hindered competition or made competition impossible.
A)Sherman Antitrust
B)Clayton Antitrust
C)Federal Trade Commission
D)Robinson-Patman
9
In the case of a(n) __________, it makes sense to let the firm expand to take advantage of lower production costs, and then regulate its activities so that it cannot take advantage of the consumer.
A)natural monopoly
B)perfect competitor
C)oligopoly
D)geographic monopoly
10
The purpose of __________ is to provide the market with enough data to prevent market failures due to inadequate information.
A)public disclosure
B)public good
C)market structure
D)market disclosure
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