question archive 1) Economists would describe the U
1) Economists would describe the U
Subject:EconomicsPrice: Bought3
1) Economists would describe the U.S. automobile industry as:
A.purely competitive.
B.an oligopoly.
C.monopolistically competitive.
D.a pure monopoly.
2.In which of the following market structures is there clear-cut mutual interdependence with respect to price-output policies?
A.Pure monopoly.
B.Oligopoly.
C.Monopolistic competition.
D.Pure competition.
3.Which of the following industries most closely approximates pure competition?
A.Agriculture.
B.Farm implements.
C.Clothing.
D.Steel.
4.Economists use the term imperfectcompetition to describe:
A.all industries that produce standardized products.
B.any industry in which there is no nonprice competition.
C.a pure monopoly only.
D.those markets that are not purely competitive.
5.In which of the following industry structures is the entry of new firms the most difficult?
A.Pure monopoly.
B.Oligopoly.
C.Monopolistic competition.
D.Pure competition.
6.An industry comprised of 40 firms, none of which has more than 3 percent of the total market for a differentiated product, is an example of:
A.monopolistic competition.
B.oligopoly.
C.pure monopoly.
D.pure competition.
7.An industry comprised of four firms, each with about 25 percent of the total market for a product, is an example of:
A.monopolistic competition.
B.oligopoly.
C.pure monopoly.
D.pure competition.
8.An industry comprised of a very large number of sellers producing a standardized product is known as:
A.monopolistic competition.
B.oligopoly.
C.pure monopoly.
D.pure competition.
9.An industry comprised of a small number of firms, each of which considers the potential reactions of its rivals in making price-output decisions, is called:
A.monopolistic competition.
B.oligopoly.
C.pure monopoly.
D.pure competition.
10.Which of the following statements applies to a purely competitive producer?
A.It will not advertise its product.
B.In long-run equilibrium it will earn an economic profit.
C.Its product will have a brand name.
D.Its product is slightly different from those of its competitors.
