AnswersPersonal Finance and EconomicsMarket Structures and Competition

Market Structures and Competition — Quiz Answers

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21
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Which best describes how the government enables government monopolies to exist?

A
by owning the means of production
B
by allowing natural monopolies to exist
C
by issuing a patent
D
by creating and running a monopoly
22
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When an oligopoly exists, how many producers dominate the market?

A
one
B
a few
C
many
D
none
23

When an oligopoly exists, how many producers dominate the market?

A
many
B
a few
C
none
D
one
24

Which helps enable an oligopoly to form within a market?

A
The number of options in a market confuses consumers.
B
Costs of starting a competing business are too high.
C
No competition exists between producers.
D
The government restricts market entry.
25

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

A
the US Environmental Protection Agency (EPA)
B
the Internal Revenue Service (IRS)
C
the US Postal Service
D
the National Park Service
26

The lack of competition within a monopoly means that

A
the product’s market is small.
B
consumers must look elsewhere to find options.
C
monopolists set their own price.
D
offered goods and services are lackluster.
27

In an oligopolistic market, consumer choice is

A
infinite.
B
limited.
C
nonexistent.
D
extensive.
28

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.
29

Why is competition limited in an oligopoly?

A
High entry costs prevent new producers from entering the market.
B
Producers actively segment the market to avoid competition.
C
No major distinctions exist between producers.
D
Producers completely refuse to engage in price wars.
30

Why is competition limited in an oligopoly?

A
Producers actively segment the market to avoid competition.
B
High entry costs prevent new producers from entering the market.
C
No major distinctions exist between producers.
D
Producers completely refuse to engage in price wars.
31

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

A
electric companies
B
mail delivery services
C
cell phone carriers
D
denim companies
32

When an oligopoly exists, how many producers dominate the market?

A
a few
B
none
C
many
D
one
33

Which helps enable an oligopoly to form within a market?

A
No competition exists between producers.
B
Costs of starting a competing business are too high.
C
The number of options in a market confuses consumers.
D
The government restricts market entry.
34

In an oligopolistic market, consumer choice is

A
infinite.
B
nonexistent.
C
limited.
D
extensive.
35

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

A
mail delivery services
B
cell phone carriers
C
electric companies
D
denim companies
36

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

A
mail delivery services
B
cell phone carriers
C
denim companies
D
electric companies

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