Market Structure and Industrial Organization Quiz
10 Questions
1 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Which market structure has the greatest market power?

  • Perfect competition
  • Monopolistic competition
  • Monopoly (correct)
  • Oligopoly

    • In which market structure does a firm have no market power?

  • Oligopoly
  • Perfect competition (correct)
  • Monopolistic competition
  • Monopoly

    • What is a key attribute of perfect competition?

  • Many buyers and sellers, each comprising a small share of the market (correct)
  • A market with only one seller
  • A market with product differentiation
  • A market with a few interdependent sellers

    • What is a market structure with imperfect competition?

    <p>Oligopoly</p> Signup and view all the answers

    What happens when a firm can raise its price with little or no change in its sales?

    <p>It has market power</p> Signup and view all the answers

    Which market structure is characterized by having only one seller?

    <p>Monopoly</p> Signup and view all the answers

    In which market structure are all businesses assumed to sell an identical product?

    <p>Perfect competition</p> Signup and view all the answers

    What is a key attribute of monopolistic competition?

    <p>Product differentiation</p> Signup and view all the answers

    In which market structure can a firm raise its price with little or no change in its sales?

    <p>Monopoly</p> Signup and view all the answers

    What is a characteristic of an oligopoly market structure?

    <p>Few sellers dominating the market</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser