Ec2100 Topic 08 Quiz

A market in which many firms sell identical products isA) a monopoly.B) only perfectly competition.C) only monopolistic competition.D) an oligopoly.E) both perfect competition and monopolistic competition.Question 21 / 1 pointOne requirement for an industry to be perfectly competitive is thatA) different firms produce widely different products.B) established firms have no advantage over new firms.C) many firms produce slightly different products.D) established firms have a significant advantage over new firms.E) sellers and buyers have imperfect information about prices.Question 31 / 1 pointA monopoly occurs whenA) one firm is larger than the many other firms that make an identical product.B) there are many firms producing the same product.C) a few firms control the market.D) each of many firms produces a product that is slightly different from that of the other firms.E) one firm sells a good that has no close substitutes and a barrier blocks entry for other firms.Question 41 / 1 pointA market is classified as an oligopoly whenA) no matter how many firms are in the market, a barrier blocks entry by other new firms.B) many firms produce the same product.C) only one firm sells a product with no close substitutes.D) a few firms