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Macroeconomics (BECN150) Pure Competition Short Run

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in which two market models would advertising be used most often?

Humber College

Macroeconomics (BECN150)

Chapter 08
Pure Competition in the Short Run

Multiple Choice Questions
1. Which market model assumes the least number of firms in an industry?
A. Monopolistic competition
B. Pure competition
C. Pure monopoly
D. Oligopoly
2. In which market model would there be a unique product for which there are no close
substitutes?
A. Monopolistic competition
B. Pure competition
C. Pure monopoly
D. Oligopoly
3. There would be some control over price within rather narrow limits in which market
model?
A. Monopolistic competition
B. Pure competition
C. Pure monopoly
D. Oligopoly
4. Mutual interdependence would tend to limit control over price in which market model?
A. Monopolistic competition
B. Pure competition
C. Pure monopoly
D. Oligopoly
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Chapter 08 – Pure Competition in the Short Run
5. In which two market models would advertising be used most often?
A. Pure competition and monopolistic competition
B. Pure competition and pure monopoly
C. Monopolistic competition and oligopoly
D. Pure monopoly and oligopoly
6. Under which market model are the conditions of entry into the market easiest?
A. Pure competition
B. Pure monopoly
C. Monopolistic competition
D. Oligopoly
7. Under which market model are the conditions of entry the most difficult?
A. Monopolistic competition
B. Pure competition
C. Pure monopoly
D. Oligopoly
8. Local electric or gas utility companies mostly operate in which market model?
A. Monopolistic competition
B. Pure competition
C. Pure monopoly
D. Oligopoly
9. The fast-food restaurant industry would be an example of which market model?
A. Monopolistic competition
B. Pure competition
C. Pure monopoly
D. Oligopoly
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Chapter 08 – Pure Competition in the Short Run
10. The production of agricultural products such as wheat or corn would best be described by
which market model?
A. Monopolistic competition
B. Pure competition
C. Pure monopoly
D. Oligopoly
11. The steel and automobile industries would be examples of which market model?
A. Monopolistic competition
B. Pure competition
C. Pure monopoly
D. Oligopoly
12. Which is not a basic market model?
A. Pure competition
B. Free enterprise
C. Oligopoly
D. Monopoly
13. Which idea is inconsistent with pure competition?
A. Short-run losses
B. Product differentiation
C. Freedom of entry or exit for firms
D. A large number of buyers and sellers
14. Which characteristic would best be associated with pure competition?
A. Few sellers
B. Price takers
C. Nonprice competition
D. Product differentiation
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Chapter 08 – Pure Competition in the Short Run
15. If a firm has at least some control over the price of its product, then the firm cannot be in
which market model:
A. Oligopoly
B. Pure monopoly
C. Pure competition
D. Monopolistic competition

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Macroeconomics (BECN150) Pure Competition Short Run

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