AnswersHSA 26-27 EconomicsMarket Structures and Competition

Market Structures and Competition Answers

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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
2
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Natural monopolies occur when one producer

A
can meet the market’s entire demand.
B
controls the method of production.
C
is the only one authorized to produce a given product.
D
creates unique products.
3

[BLANK]

A
Sovereignty
B
Competition
C
Oligopoly
4

Which aspect of monopolistic competition gives consumers more choice?

A
Producers rely on consumer decisions to succeed.
B
Price is not an important factor.
C
Few barriers to market entry exist.
D
Producers are more concerned about selection than profits.
5

Why is the automobile industry considered an oligopoly? Select all that apply.

A
It offers little differentiation within the market.
B
It has significant barriers to entry.
C
It is controlled by companies that patent key technology.
D
It relies on price variation to attract customers.
E
It depends on brand loyalty and image to generate sales.
F
It is dominated by a few key players.
6

Which is an example of a government monopoly in the United States?

A
the US Postal Service
B
the Internal Revenue Service (IRS)
C
the US Environmental Protection Agency (EPA)
D
the National Park Service

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