Market Structures
Perfect competition, monopoly, oligopoly and monopolistic competition, plus costs. Medium difficulty.
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Which is a feature of perfect competition?
- Many buyers and sellers selling identical products
- High barriers to entry
- One seller only
- A few dominant firms
A firm in perfect competition is a:
- Price maker
- Price taker
- Cartel member
- Monopolist
The demand curve facing a single firm in perfect competition is:
- Perfectly inelastic (vertical)
- Upward sloping
- Perfectly elastic (horizontal)
- Downward sloping
A profit-maximising firm produces where:
- Marginal revenue equals marginal cost
- Price is zero
- Total revenue is highest
- Average cost is highest
In the long run, firms in perfect competition earn:
- Only normal profit
- Large supernormal profits
- No revenue
- Losses forever
A monopoly is a market with:
- A single seller and high barriers to entry
- Many sellers
- Two sellers
- Free entry
A monopolist is a:
- Perfect competitor
- Consumer
- Price maker
- Price taker
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