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Which one of the following is an ideal market structure in which consumers and producers each compete directly under the laws of supply and demand?
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They are also called consumers
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Market Structure Tes
Econ Test 3
| Question | Answer |
|---|---|
| Which one of the following is an ideal market structure in which consumers and producers each compete directly under the laws of supply and demand? | perfect competition |
| They are also called consumers | buyers |
| Producers use this to set their products apart | product differentiation |
| This happens as a result of sellers undercutting each other’s prices | price wars |
| This is a market dominated by a few large sellers | oligopoly |
| This type of market is most likely to happen in remote areas | geographical monopoly |
| This is the economic theory that states that economic systems prosper when the government does not interfere in the market | laissez-faire |
| Microsoft is associated with this market structure | monopoly |
| Nonprice competition is most important in which of the following markets? | monopolistic competition |
| U.S. agriculture is most closely associated with which of the following markets? | perfect competition |
| What type of monopoly does the granting of patents encourage? | technological monopoly |
| Antitrust legislation was enacted in the late 1800s to | all of the above |
| The effort by sellers to secretly set production levels or prices is called | collusion |
| This type of monopoly is sometimes in place in order to effectively distribute basic necessities | government monopoly |
| If competition is inconvenient and impractical, what kind of monopoly tends to develop? | natural monopoly |
| Jeans and fast food restaurants would most closely be associated with which of the following markets? | Oligopoly |
| This type of market is the easiest to enter | Perfect Competition |
| De Beers Company in South Africa is the head of one of these types of business organizations which are illegal in the United States | Cartel |
| The prisoners’ dilemma illustrates problems related to competition in what market structure? | Oligopoly |
| If a company was trying to figure out a way to advertise the differences in their shoes, that company would most likely fit in the market structure of | Monopolistic Competition |
| ABC, CBS, FOX and NBC are a great example of this market structure | Oligopoly |
Created by:
migliorej
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