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MARKET STRUCTURES
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(T/F) An oligopoly is dominated by a few firms who are often dependent on one another.
True
(T/F) A market characterized by heterogeneous, well-differentiated products sold by a large number of sellers with some price control to a large number of buyers is monopolistically competitive.
True
(T/F) Oligopolists prefer to avoid engaging in nonprice competition.
False
(T/F) Monopolists are price takers.
False
(T/F) If a firm is small, produces a differentiated good for which there are many close substitutes, and it is easy to enter and exit the industry, then the firm is a monopolistic competitor.
True
(T/F) Most markets are either perfectly competitive or monopolized.
False
(T/F) Most products are traded on perfectly competitive markets.
False
(T/F) Oligopoly is a market structure in which there are few sellers of a product and additional sellers cannot easily enter the industry.
True
(T/F) Economists define a market as a place where buyers go to purchase units of a product.
False
Unique product: no close substitutes for the firm’s product.
Monopoly
There are barriers to entry of the market to prevent competition
Monopoly
In which form of market structure would price be the key factor when competing?
Perfect Competition
Which of the following is the least competitive market structure?
Monopoly
A highly competitive market where firms are price takers.
Perfect Competition
An industry with significant barriers to entry and a single supplier.
Monopoly
Consumers do not have any alternative and must pay the price set by the seller.
Monopoly
The consumers have the preference of choosing one product over another.
Monopolistic Competition
The products are similar but all sellers sell slightly differentiated products.
Monopolistic Competition
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