Answers2102320-Economics HONORS - Edgenuity TeacherComparative and Absolute Advantage

Market Structures and Competition Answers

0 verified answers
1
Free Preview

Which best describes the availability of substitutes in a monopoly?

A
Price points vary.
B
There are no substitutes.
C
There are different brands.
D
Products have different features.
2
Free Preview

[BLANK]

A
Monopolistic
B
Pure competition
C
An oligopoly
3

In the United States, which type of industry is often considered part of an oligopoly?

A
local electric utility service
B
cell phone carrier service
C
USPS letter-mail service
D
retail denim sales
4

Which best describes how the government enables government monopolies to exist?

A
by issuing a patent
B
by allowing natural monopolies to exist
C
by creating and running a monopoly
D
by owning the means of production
5

Which helps enable an oligopoly to form within a market?

A
Costs of starting a competing business are too high.
B
The government restricts market entry.
C
The number of options in a market confuses consumers.
D
No competition exists between producers.
6

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.
7

In pure competition, producers compete exclusively on the basis of

A
selling identical items.
B
advertising heavily to promote their good.
C
producing the unique features of their good.
D
focusing on maintaining a positive image.
8

In an oligopolistic market, consumer choice is

A
nonexistent.
B
limited.
C
extensive.
D
infinite.
9

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
10

Which best describes how the government sanctions technological monopolies?

A
by creating the technology itself
B
by prohibiting others from entering the market
C
by issuing a patent for the technology
D
by authorizing one producer

Did you find these answers helpful?