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Which best describes the availability of substitutes in a monopoly? |
b. There are no substitutes. |
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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? |
d. technological monopoly |
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The market for which item generally involves pure competition? |
b. corn |
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Which best describes how the government enables government monopolies to exist? |
c. by creating and running a monopoly |
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Who sets the price in a monopolistic competition? |
a. producers and consumers |
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The lack of competition within a monopoly means that |
d. monopolists set their own price. |
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Why is competition limited in an oligopoly? |
a. High entry costs prevent new producers from entering the market. |
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Which is an example of a government monopoly in the United States? |
a. the US Postal Service |
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______________ is the term used to describe the amount of control or influence that consumers have on a market. |
Sovereignty |
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Why is the automobile industry considered an oligopoly? |
b. It has significant barriers to entry. e. It depends on brand loyalty and image to generate sales. f. It is dominated by a few key players. |
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When an oligopoly exists, how many producers dominate the market? |
c. a few |
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____________ is the type of competition that occurs in a competitive market without identical producers. |
Monopolistic |
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In pure competition, producers compete exclusively on the basis of |
a. sell identical items. |
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Natural monopolies occur when one producer |
a. can meet the market’s entire demand. |
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In the United States, which type of industry is often considered part of an oligopoly? |
b. cell phone carriers |
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Which best describes how the government sanctions technological monopolies? |
c. by issuing a patent for the technology |
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