Market Structures and Competition Answers

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1
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The market for which item generally involves pure competition?

A
cola
B
corn
C
jeans
D
ice cream
2
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Who sets the price in a monopolistic competition?

A
producers and consumers
B
consumers only
C
government
D
producers only
3

Wellness Pharmaceuticals has released a new antidepressant, Lexabuzac. Which type of monopoly does the company most likely have on this medication?

A
natural monopoly
B
de facto monopoly
C
government monopoly
D
technological monopoly
4

In an oligopolistic market, consumer choice is

A
nonexistent.
B
limited.
C
extensive.
D
infinite.
5

[BLANK]

A
Monopolistic
B
Pure competition
C
An oligopoly

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