100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
ECON 1000 CHAPTER 6 Que &Answ Fall solution CA$13.81   Add to cart
Quickly navigate to
Preview
  2.  
  3. ECON 1000
  4.  
  5. ECON 1000

Exam (elaborations)

ECON 1000 CHAPTER 6 Que &Answ Fall solution
 1 view  0 purchase
  • Course
  • ECON 1000
  • Institution
  • ECON 1000

ECON 1000 CHAPTER 6 Que &Answ Fall solution Competitive firms cannot individually affect market price because: Which of the following is an example of a monopoly?

Preview 2 out of 9  pages

Document information

  • October 18, 2023
  • 9
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • econ 1000 chapter 6 que answ fall solution

Written for

  • ECON 1000
All documents for this subject (17)

Seller

avatar-seller
smartchoices

Reviews received

Content preview

ECON 1000 CHAPTER 6 Que &Answ Fall
solution

Competitive firms cannot individually affect market price because:



A.) There is an infinite demand for their goods.

B.) The market demand curve is flat or horizontal.

C.) Their individual production is insignificant relative to the production of the industry.

D.) The government exercises control over the market power of competitive firms. Answer - C



Which of the following is an example of a monopoly?



A.) One large firm supplies the entire product to the market

B.) One firm supplies 60 percent of the product to the market and there are two other rival firms

C.) Many firms supply the same product essentially, but each has significant brand loyalty

D.) A few large firms supply the entire product to the market Answer - A



Market power:



A.) Is the same for all market structures.

B.) Means that a firm is a price taker, not a price setter.

C.) Is the ability to alter the market price of a good or service.

D.) Only exists for a monopoly. Answer - C



If a firm can change market prices by altering its output then it:



A.) Has market power.

B.) Is a price taker.

, C.) Faces a horizontal demand curve.

D.) Is a competitive firm. Answer - A



Which list has market structures in the correct order from the most to the least market power?



A.) Perfect competition, oligopoly, monopolistic competition, monopoly

B.) Monopoly, monopolistic competition, oligopoly, perfect competition

C.) Monopoly, oligopoly, monopolistic competition, perfect competition

D.) Oligopoly, perfect competition, monopolistic competition, monopoly Answer - C



An industry in which a few large firms supply most or all of a product is known as:



A.) Perfect competition.

B.) A monopoly.

C.) Monopolistic competition.

D.) An oligopoly. Answer - D



An industry in which many firms produce similar products but each firm has significant brand loyalty is
known as:



A.) Perfect competition.

B.) A monopoly.

C.) Monopolistic competition.

D.) An oligopoly. Answer - C



Which of the following is characteristic of perfectly competitive markets?



A.) Differentiated products

B.) A large number of firms

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller smartchoices. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$13.81. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

72042 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$13.81
  • (0)
  Add to cart