Microeconomics Chapter 26 Exam Questions and Answers Latest Update Graded A+
Which of the market structures has so many sellers of the product no one firm can influence the market price?
A.
Monopoly.
B.
Monopolistic competition.
C.
Perfect competition.
D.
Oligopoly. - Answers C.
Perfect c...
For each product listed below, indicate whether you think all or just a few firms within the industry that
produces each product experience market feedback effects. In addition, indicate whether the feedback
effects are positive or negative.
Product: Cell phone capable of text messaging
Number of firms that experience market feedback effects:
______________________
The market feedback effects are ___________________ - Answers all; positive
Product: Traditional wire long-distance service
Number of firms that experience market feedback effects: ________________
.
The market feedback effects are ______________ - Answers most; negative
Product: Internet service
Number of firms that experience market feedback effects:
__________________
The market feedback effects are ____________ - Answers most; positive
One major difference between oligopoly and perfect competition is that
A.
oligopolistic firms act independently while competitive firms operate interdependently.
B.
oligopolistic firms act interdependently while competitive firms operate independently.
C.
There is no major difference in the two types of firms since they both act interdependently.
D.
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