Economics Chapter 8

Card Set Information

Author:
Anonymous
ID:
167615
Filename:
Economics Chapter 8
Updated:
2012-08-27 00:05:35
Tags:
Market groups
Folders:

Description:
Economics markets
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user Anonymous on FreezingBlue Flashcards. What would you like to do?


  1. ‘Barriers to entry':
    A. exist in economic theory, but not in the real world.
    B. are often the result of government regulation.
    C. are typically the result of wrongdoing on the part of a firm.
    D. usually result in pure competition.
    B. are often the result of government regulation.
    (this multiple choice question has been scrambled)
  2. Which characteristic would best be associated with pure competition?
    A. Few Sellers
    B. Price Taker
    C. Non-price competition
    D. Product Differentiation
    B. Price taker
    (this multiple choice question has been scrambled)
  3. Into which of the following market structures is entry least difficult?
    A. Regulated monoply
    B. Oligopoly
    C. Pure monopoly
    D. Monopolistic competition
    B. Monopolistic Competition
    (this multiple choice question has been scrambled)
  4. Which of the following is a reason for why there is no advertising, by individual firms, under pure competition?
    A. Firms produce a homogeneous product
    B. The quantity of the product demanded is very large.
    C. The market demand curve cannot be increased
    D. Firms do not make long-run profits
    A. Firms produce a homogeneous product
    (this multiple choice question has been scrambled)
  5. Which of the following is not a basic market model?
    A. Oligopoly
    B. Pure competition
    C. Pure enterprise
    D. Monopoly
    C. Pure enterprise.
    (this multiple choice question has been scrambled)
  6. In which market model would the number of firms be the fewest?
    A. Pure Competition
    B. oligopoly
    C. Monopolistic competition
    D. Pure monopoly
    D. Pure Monopoly
    (this multiple choice question has been scrambled)
  7. Which of the following is a characteristic of monopolistic competition?
    A. The absence of non-price compettion.
    B. Standardised product
    C. A relatively small number of firms
    D. Relatively easy entry
    D. Relatively easy entry
    (this multiple choice question has been scrambled)
  8. Which of the following is a feature of a purely competitive market?
    A. Products are standardised or homogeneous
    B. The industry's demand curve is perfectly elastic.
    C. Price differences between firms producing the same product.
    D. Significant barriers to entry into the industry
    A. Products are standardised or homogeneous
    (this multiple choice question has been scrambled)
  9. Which of the following is true under conditions of pure competition?
    A. The market demand curve is perfectly elastic.
    B. There are differentiated products.
    C. Firms that cannot make pure or economic profits go bankrupt.
    D. No single firm can influence the market price by changing its output
    D. No single firm can influence the market price by changing its output.
    (this multiple choice question has been scrambled)
  10. Under which market model are the conditions of entry into the market easiest?
    A. Pure Competition.
    B. Monopolistic competition
    C. Pure monopoly
    D. Oligopoly
    A. Pure Competition.
    (this multiple choice question has been scrambled)

What would you like to do?

Home > Flashcards > Print Preview