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Market Structure Tes

Econ Test 3

QuestionAnswer
Which one of the following is an ideal market structure in which consumers and producers each compete directly under the laws of supply and demand? perfect competition
They are also called consumers buyers
Producers use this to set their products apart product differentiation
This happens as a result of sellers undercutting each other’s prices price wars
This is a market dominated by a few large sellers oligopoly
This type of market is most likely to happen in remote areas geographical monopoly
This is the economic theory that states that economic systems prosper when the government does not interfere in the market laissez-faire
Microsoft is associated with this market structure monopoly
Nonprice competition is most important in which of the following markets? monopolistic competition
U.S. agriculture is most closely associated with which of the following markets? perfect competition
What type of monopoly does the granting of patents encourage? technological monopoly
Antitrust legislation was enacted in the late 1800s to all of the above
The effort by sellers to secretly set production levels or prices is called collusion
This type of monopoly is sometimes in place in order to effectively distribute basic necessities government monopoly
If competition is inconvenient and impractical, what kind of monopoly tends to develop? natural monopoly
Jeans and fast food restaurants would most closely be associated with which of the following markets? Oligopoly
This type of market is the easiest to enter Perfect Competition
De Beers Company in South Africa is the head of one of these types of business organizations which are illegal in the United States Cartel
The prisoners’ dilemma illustrates problems related to competition in what market structure? Oligopoly
If a company was trying to figure out a way to advertise the differences in their shoes, that company would most likely fit in the market structure of Monopolistic Competition
ABC, CBS, FOX and NBC are a great example of this market structure Oligopoly
Created by: migliorej
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