AnswersHSA 26-27 EconomicsMarket Structures and Competition

Market Structures and Competition Answers

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1
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In an oligopolistic market, consumer choice is

A
nonexistent.
B
limited.
C
extensive.
D
infinite.
2
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A
Sovereignty
B
Competition
C
Oligopoly
3

The lack of competition within a monopoly means that

A
offered goods and services are lackluster.
B
the product’s market is small.
C
consumers must look elsewhere to find options.
D
monopolists set their own price.
4

Wellness Pharmaceuticals has released a new antidepressant, Lexabuzac. Which type of monopoly does the company most likely have on this medication?

A
natural monopoly
B
de facto monopoly
C
government monopoly
D
technological monopoly

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