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Virtual AR- Module 7 Review
Test Description: Market Structures- Competition
Instructions: Answer all questions to get your test result.
1) A few sellers dominate the market is what?
A
perfect competition
B
monopolistic competition
C
oligopoly
D
monopoly
2) Many sellers sell similar products is what type of competition?
A
perfect competition
B
monopoly
C
monopolistic competiton
D
oligopoly
3) A large group of suppliers who produce the same good is called what?
A
monopoly
B
perfect competition
C
monopolistic competition
D
oligopoly
4) A market controlled by one supplier is called what?
A
monopoly
B
oligopoly
C
monopolistic competition
D
perfect competition
5) The situations that make starting a firm in a particular industry difficult is defined as _______.
A
barriers to enter
B
antitrust laws
6) Which two items would be legal protection for inventors and creators.
A
mergers and collusion
B
patents and mergers
C
copyright and patents
7) Two market structures that are most present in the United States?
A
monopolistic competition and perfect competition
B
monopolistic competition and oligopoly
C
oligopoly and monopoly
D
perfect competition and oligopoly
8) Why must we have competition?
A
Competition of goods for the right price
B
Choices are a must
9) True or False: Monopolies are legal in the US.
A
True
B
False
10) True or False: Antitrust laws broke up ATT into several companies.
A
True
B
False
11) True or False: Public interest allows for some monopolies to form and be legal.
A
True
B
False
*select an answer for all questions
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