1、 profits.d.there are many price-taking firms, each offering a product similar or identical to the products offered by other firms in the market.ANS: APTS: 1DIF: 1REF: 16-1TOP: OligopolyMSC: Definitional2.The general term for market structures that fall somewhere in-between monopoly and perfect compe
2、tition isa.incomplete markets.b.imperfectly competitive markets.c.oligopoly markets.d.monopolistically competitive markets. BPTS: Imperfect competitionMSC:3.In a market that is characterized by imperfect competition,a.firms are price takers.b.there are always a large number of firms.c.there are at l
3、east a few firms that compete with one another.d.the actions of one firm in the market never have any impact on the other firms CPTS: 2REF: Interpretive4.There are two types of imperfectly competitive markets:a.monopoly and monopolistic competition.b.monopoly and oligopoly.c.monopolistic competition
4、 and oligopoly.d.monopolistic competition and cartels.5.Monopolistically competitive firms are typically characterized bya.many firms selling products that are similar, but not identical.b.many firms selling identical products.c.a few firms selling products that are similar, but not identical.d.a fe
5、w firms selling highly different products. Monopolistic competitionMSC:6.Firms in industries that have competitors but, at the same time, do not face so much competition that they are price takers, are operating in either a（n）a.oligopoly or perfectly competitive market.b.oligopoly or monopoly market
6、.c.oligopoly or monopolistically competitive market.d.monopoly or monopolistically competitive market. MarketsMSC:7.One characteristic of an oligopoly market structure is:a.firms in the industry are typically characterized by very diverse product lines.b.firms in the industry have some degree of mar
7、ket power.c.products typically sell at a price that reflects their marginal cost of production.d.the actions of one seller have no impact on the profitability of other sellers.8.One key difference between an oligopoly market and a competitive market is that oligopolistic firmsa.are price takers whil
8、e competitive firms are not.b.can affect the profit of other firms in the market by the choices they make while firms in competitive markets do not affect each other by the choices they make.c.sell completely unrelated products while competitive firms do not.d.sell their product at a price equal to
9、marginal cost while competitive firms do not.9.A typical firm in the U. S. economy would be classified asa.perfectly competitive.b.imperfectly competitive.c.a duopolist.d.an oligopolist.10.When an industry has many firms, the industry isa.an oligopoly if the firms sell differentiated products, but i
10、t is monopolistically competitive if the firms sell identical products.b.an oligopoly if the firms sell differentiated products, but it is perfectly competitive if the firms sell identical products.c.monopolistically competitive if the firms sell differentiated products, but it is perfectly competit
11、ive if the firms sell identical products.d.perfectly competitive if the firms sell differentiated products, but it is monopolistically competitive if the firms sell identical products.11.Crude oil is primarily supplied to the world market by a few Middle Eastern countries. Such a market is an exampl
12、e of a（n）（i）imperfectly competitive market.（ii）monopoly market.（iii）oligopoly market.a.（i） and （ii）b.（ii） and （iii）c.（i） and （iii）d.（iii） only12.If, in a particular market, firms sell identical products, then the market is（i）perfectly competitive.（ii）monopolistically competitive.（iii）an oligopoly.a.（i） or （ii）b.（ii） or （iii）c.（i） or （iii）d.（i） only13.In which of the following markets is economic profit driven to zero in the long run?a.Oligopolyb.Monopolyc
