Market Structures and Competition

Question 1

Which best describes the availability of substitutes in a monopoly?

Revolt · Accepted Answer

There are no substitutes.

Question 2

Natural monopolies occur when one producer

Revolt · Accepted Answer

can meet the market’s entire demand.

Question 3

Who sets the price in a monopolistic competition?

Revolt · Accepted Answer

producers and consumers

Question 4

SovereigntyCompetitionOligopoly

Revolt · Accepted Answer

Sovereignty

Question 5

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

Revolt · Accepted Answer

the US Postal Service

Question 6

MonopolisticPure competitionAn oligopoly

Revolt · Accepted Answer

Monopolistic

Question 7

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

Revolt · Accepted Answer

cell phone carriers

Question 8

Which helps enable an oligopoly to form within a market?

Revolt · Accepted Answer

Costs of starting a competing business are too high.

Question 9

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

Revolt · Accepted Answer

a few

Question 10

Which aspect of monopolistic competition gives consumers more choice?

Revolt · Accepted Answer

Few barriers to market entry exist.

Market Structures and Competition Answers