SLO Test

Question 1

Perfect competition has the following characteristics:

Answer 1

All of the characteristics.

Question 2

Monopolistic competition has some of the following characteristics:

Answer 2

All of the characteristics

Question 3

Examples of monopolistic competition firms are not which of the following:

Answer 3

The tractors

Question 4

Examples of perfect/nearly perfect competitive firms are the following:

Answer 4

Stock market

Question 5

A monopoly is a type of market structure which has some of the following characteristics:

Answer 5

All of the characteristics.

Question 6

A monopolistic competition firm, unlike perfect competition, the firm illustrates which characteristic:

Answer 6

All the characteristics apply

Question 7

Which of the following statements are not true?

Answer 7

A monopoly refers to a type of market structure where two firms control the entire industry.

Question 8

What is the best example of monopolistic competition?

Answer 8

Coke and Pepsi

Question 9

In a monopolistic competitive market, firms try to differentiate their products from competitors. How is this accomplished?

Answer 9

All of the statements

Question 10

Which of the following examples are true statements?

Answer 10

Monopolies lie at the opposite end of the spectrum from perfect competition

Question 11

There are few monopolies in the United States because the government limits them. These are categorized into natural and legal monopolies. What is not an example of natural monopolies?

Answer 11

Walmart

Question 12

What are some characteristics that keep firms out of being a natural monopoly?

Answer 12

Huge investments

Question 13

A legal monopoly arises when a company receives a patent. How does this inhibit entry into a market from the firm that has the patent?

Answer 13

All the statements

Question 14

Which of the following is most unlikely to present a barrier to entry into a market?

Answer 14

Collusion

Question 15

Perfect competition and monopoly stand at _________ of the spectrum of competition.

Answer 15

Opposite ends

Question 16

Oligopolies exist in a variety of industries in domestic and international markets. What is an example of oligopolies?

Answer 16

All the stated

Question 17

What is the difference between a monopoly and an oligopoly?

Answer 17

All the statements

Question 18

A perfect competition market structure contains many companies. What’s are some other elements of a perfect competition market structure?

Answer 18

All of the elements illustrate a perfect competition market structure

Question 19

What are some considerations of many Oligopolies?

Answer 19

All the considerations

Question 20

What is the difference between a monopolistic market and a perfect competition?

Answer 20

All the statements are valid