Podcast
Questions and Answers
What is the main characteristic of a monopolistically competitive market?
What is the main characteristic of a monopolistically competitive market?
- A few large firms with standardized products
- Many sellers and buyers with differentiated products (correct)
- Few sellers and many buyers
- A single seller with complete control over the market
What is a characteristic of an oligopolistic market?
What is a characteristic of an oligopolistic market?
- A single seller with complete control over the market
- Many sellers and buyers with differentiated products
- Few sellers and many buyers with standardized products (correct)
- Many buyers and sellers with perfect information
What is an example of collusion in the airline industry?
What is an example of collusion in the airline industry?
- Airlines advertising to attract more customers
- Airlines secretly agreeing to keep prices high (correct)
- Airlines competing to offer the lowest prices
- Airlines merging to reduce competition
What is a result of collusion in the airline industry?
What is a result of collusion in the airline industry?
What is a characteristic of a perfectly competitive market?
What is a characteristic of a perfectly competitive market?
What is an advantage of economies of scale?
What is an advantage of economies of scale?
What is a characteristic of a monopolist?
What is a characteristic of a monopolist?
What is a characteristic of a price taker?
What is a characteristic of a price taker?
What is a characteristic of perfect competition in which producers can enter or exit the market freely?
What is a characteristic of perfect competition in which producers can enter or exit the market freely?
What type of competition occurs in markets with few sellers or products that are not alike?
What type of competition occurs in markets with few sellers or products that are not alike?
Which of the following is an example of a standardised product in a perfect competition market?
Which of the following is an example of a standardised product in a perfect competition market?
What is a characteristic of perfect competition in which buyers and sellers are well-informed about the market price?
What is a characteristic of perfect competition in which buyers and sellers are well-informed about the market price?
What is a feature of imperfect competition in which sellers have more control over the price?
What is a feature of imperfect competition in which sellers have more control over the price?
Which of the following is a characteristic of a price taker in a perfect competition market?
Which of the following is a characteristic of a price taker in a perfect competition market?
What is a characteristic of imperfect competition in which it is hard to enter the market due to existing dominance?
What is a characteristic of imperfect competition in which it is hard to enter the market due to existing dominance?
What is an example of a market that exhibits perfect competition?
What is an example of a market that exhibits perfect competition?
Which characteristic is specific to a monopoly?
Which characteristic is specific to a monopoly?
What is a natural monopoly?
What is a natural monopoly?
What happens when marginal revenue equals marginal cost in a monopoly?
What happens when marginal revenue equals marginal cost in a monopoly?
Which type of monopoly is based on government ownership or permission?
Which type of monopoly is based on government ownership or permission?
What are trade barriers?
What are trade barriers?
What is a price taker?
What is a price taker?
What does it mean if a product is standardized?
What does it mean if a product is standardized?
What are economies of scale?
What are economies of scale?
