Chapter 8: Competition and Markets Test
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1. What is defined by the number of sellers in the market, the product that sellers produce and sell, and how easy or difficult it is for new firms to enter the market? *
1 point
2. How many types of markets are there? *
1 point
3. Which market is characterized by many buyers and sellers, firms producing and selling slightly differentiated products and having easy entry into and exit out of the market? *
1 point
4. What two factors determines how much competition a seller faces? *
1 point
5. What two questions do monopolistic competitive firms have to answer? *
1 point
6. What is the major difference between sellers in different types of markets? *
1 point
7. What are four characteristics of perfectly competitive markets? *
1 point
8. What kind of producer searches for the best price to get rid of their entire inventory?   *
1 point
9. Can price takers sell for less than the equilibrium price? *
1 point
10. Firms in a perfectly competitive firm ask which two questions? *
1 point
11. What acts as a signal for new firms to enter the market in a perfectly competitive market ? *
1 point
12. What type of market structure is characterized by a single seller, the sale of a product that has no close substitutes and extremely high barriers to entry?   *
1 point
13. What are the four types of market structure? *
1 point
14. Anything that prohibits a firm from entering a market is know as a? *
1 point
15. What type of seller has to accept equilibrium price in the market for its products? *
1 point
16. A right granted to a firm by government that permits the firm to provide a particular good or service and excludes all other from doing so is known as a? *
1 point
17. What is it called when a firm that has a low average total cost (per-unit cost) is the only one that can survive in the market? *
1 point
18. What is the name for legislation passed for the stated purpose of controlling monopoly power and preserving and promoting competition? *
1 point
19. What act made certain business practices illegal when their effects could substantially lessen competition or tend to create a monopoly? *
1 point
20. What act made business advertising practices illegal that were considered false or unethical? *
1 point
21. What term refers to monopolies that are not legally protected from competition? *
1 point
22. What term is used to refer to monopolies that ARE legally protected from competition? *
1 point
23. What market structure is characterized by a few sellers, the production and sale of either identical or slightly differentiated products and there are significant barriers to entry? *
1 point
24. What type of agreement do firms make where they will act in a coordinated way to reduce the competition and increase profits among them? *
1 point
25. What is the name for the practice by which a seller charges different prices (to different buyers) for the product it sells when the price differences do not reflect cost differences? *
1 point
26. If a firm owned/controlled all of one resource, such as oranges, it would be considered a monopoly firm. *
1 point
27. Price discrimination is illegal in the United States. *
1 point
28. High barriers into a market can take the form of public franchises, patents, or copyrights. *
1 point
29. Monopolistic, monopolistic competitive and oligopolistic firms are price searchers (they have some control over the price they charge).   *
1 point
30. One characteristic of an oligopoly is the sellers product is unique. *
1 point
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