Dear Readers,
1-What is a characteristic of a monopoly?
A) Many sellers
B) Single seller
C) Few sellers
D) Identical products
E) None of the above
Answer: B
2-In an oligopoly, there are:
A) Many sellers
B) Single seller
C) Few sellers
D) Identical products
E) None of the above
Answer: C
3-A duopoly refers to a market structure with:
A) Many sellers
B) Single seller
C) Few sellers
D) Identical products
E) None of the above
Answer: C
4-In a monopoly, the firm has:
A) No control over price
B) Limited control over price
C) Complete control over price
D) No barriers to entry
E) Identical products
Answer: C
5-Oligopolistic firms often engage in:
A) Price wars
B) Perfect competition
C) Monopolistic competition
D) Non-price competition
E) None of the above
Answer: D
6-In an oligopoly, firms typically produce:
A) Identical products
B) Differentiated products
C) Commodities
D) Non-competitive products
E) None of the above
Answer: B
7-A duopoly can be seen as a special case of:
A) Monopoly
B) Oligopoly
C) Perfect competition
D) Monopolistic competition
E) None of the above
Answer: B
8-Monopolies are often criticized for:
A) Allocative efficiency
B) Inefficiency and higher prices
C) Promoting competition
D) Encouraging consumer choice
E) None of the above
Answer: B
9-Oligopolistic firms often engage in collusion to:
A) Promote competition
B) Lower prices
C) Raise prices
D) Encourage new entrants
E) None of the above
Answer: C
10-Which market structure is most likely to lead to the highest prices for consumers?
A) Perfect competition
B) Monopoly
C) Oligopoly
D) Monopolistic competition
E) Duopoly
Answer: B
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MAHENDRA GURU