Virtual AR- Module 7 Review Question Preview (ID: 27189)


Market Structures- Competition. TEACHERS: click here for quick copy question ID numbers.

Why must we have competition?
a) Choices are a must
b) Competition of goods for the right price
c)
d)

Two market structures that are most present in the United States?
a) oligopoly and monopoly
b) perfect competition and oligopoly
c) monopolistic competition and perfect competition
d) monopolistic competition and oligopoly

Which two items would be legal protection for inventors and creators.
a) patents and mergers
b) mergers and collusion
c) copyright and patents
d)

The situations that make starting a firm in a particular industry difficult is defined as _______.
a) antitrust laws
b) barriers to enter
c)
d)

A market controlled by one supplier is called what?
a) oligopoly
b) monopoly
c) perfect competition
d) monopolistic competition

A large group of suppliers who produce the same good is called what?
a) oligopoly
b) monopoly
c) monopolistic competition
d) perfect competition

Many sellers sell similar products is what type of competition?
a) oligopoly
b) monopoly
c) perfect competition
d) monopolistic competiton

A few sellers dominate the market is what?
a) oligopoly
b) monopoly
c) perfect competition
d) monopolistic competition

True or False: Monopolies are legal in the US.
a) True
b) False
c)
d)

True or False: Antitrust laws broke up ATT into several companies.
a) True
b) False
c)
d)

True or False: Public interest allows for some monopolies to form and be legal.
a) True
b) False
c)
d)

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