Economics: Today and Tomorrow © 2012

Chapter 9: Competition and Monopolies

Competition and Monopolies

1
The increase of information available on the World Wide Web has _____.
A)not affected the economy
B)made the economy more competitive
C)created perfect competition
D)made the economy less competitive
2
Which of the following is defined as a situation in which numerous buyers and sellers exist for a product?
A)Market structure
B)Perfect competition
C)Large market
D)Oligopoly
3
Which of the following is defined as a market situation in which no single buyer or seller can affect price?
A)Oligopoly
B)Perfect competition
C)Monopoly
D)Monopolistic competition
4
Which of the following is a characteristic of a pure monopoly?
A)Many sellers of the good or service
B)Many substitutes for the good or service being sold
C)Only one seller of the good or service
D)No barriers to entry
5
Monopolistic competition differs from oligopoly because of the_____.
A)unimportance of advertising
B)number of sellers
C)differentiated products
D)extensive control over prices
6
Which of the following is an industry dominated by a few suppliers who exercise some control over price?
A)Monopoly
B)Patent
C)Cartel
D)Oligopoly
7
Which of the following choices is defined as an author's right to sell, publish, or reproduce his or her works for a specified number of years?
A)Monopoly
B)Patent
C)Copyright
D)Oligopoly
8
Most antitrust legislation restricts the harmful effects of _____.
A)competition
B)mergers
C)advertising
D)trade
9
Which of the following is defined as a process by which one corporation buys more than half the stock of another corporation?
A)Interlocking directorate
B)Antitrust legislation
C)Merger
D)Conglomerate
10
Which of the following is a board of directors with members who also serve as the board of directors of a competing corporation?
A)Interlocking directorate
B)Antitrust legislation
C)Merger
D)Conglomerate
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