A _____________ is a market situation where economies of scale are so significant that cost are only minimized when the entire output of an industry is supplied by a single producer so that the supply costs are lower under monopoly that under perfect competition ?

Related Mcqs:

1. “Under conditions of perfect competition, the price at which any given product will be supplied and purchased is the price that will result in the supply and the demand being equal.” This statement is known as the_________________?

   A. Law of diminishing return
   B. Law of supply
   C. Law of demand
   D. Law of supply and demand

2. What refers to the market situation in which any given product is supplied by a very large number of vendors and there is no restriction against additional vendors from entering the market ?

   A. Perfect competition
   B. Oligopoly
   C. Oligopsony
   D. Monopoly

3. Perfect monopoly exists only if_______________?

   A. the single vendor can prevent the entry of all other vendors in the market
   B. the single vendor gets the absolute franchise of the product
   C. the single vendor is the only one who has the permit to sell
   D. the single vendor is the only one who has the knowledge of the product

4. The monthly demand for ice cans being manufactured by Mr. Camus is 3200 pieces. With a manual operated guillotine, the unit cutting cost is P25.00. An electrically operated hydraulic guillotine was offered to Mr. Camus at a price of P275,000.00 and which cuts by 30% the unit cutting cost. Disregarding the cost of money, how many months will Mr. Camus be able to recover the cost of the machine if he decides to buy now ?

   A. 10 months
   B. 11 months
   C. 12 months
   D. 13 months

5. A telephone switchboard 100 pair cable can be made up with either enameled wire or tinned wire. There will be 400 soldered connections. The cost of soldering a connection on the enameled wire will be P 1.65 on the tinned wire, it will be P 1.15. A 100- pair cable made up with enameled wire cost P 0.55 per linear foot and those made up of tinned wire cost P 0.75 per linear foot. Determine the length of cable run in feet so that the cost of each installation would be the same ?

   A. 1,000 feet
   B. 1,040 feet
   C. 1,100 feet
   D. 1,120 feet

6. A leading shoe manufacturer produces a pair of Lebron James signature shoes at a labor cost of P 900.00 a pair and a material cost of P 800.00 a pair. The fixed charges on the business are P 5,000,000 a month and the variable costs are P 400.00 a pair. Royalty to Lebron James is P 1,000 per pair of shoes sold. If the shoes sell at P 5,000 a pair, how many pairs must be produced each month for the manufacturer to break-even ?

   A. 2.590
   B. 2,632
   C. 2,712
   D. 2,890

7. Duopoly is a market situation where there is/are____________?

   A. Few sellers and few buyers
   B. Few sellers and many buyers
   C. Many sellers and few buyers
   D. One seller and few buyers

8. If there are many sellers and few buyers, the market situation is ______________________?

   A. Duopsony
   B. Oligopoly
   C. Oligopsony
   D. Monopoly

9. What market situation exists where there is only one buyer and only one seller ?

   A. Monopsony
   B. Monopoly
   C. Bilateral monopsony
   D. Bilateral monopoly

10. If there is only one seller and many buyers, the market situation is ______________________?

    A. Duopsony
    B. Oligopoly
    C. Oligopsony
    D. Monopoly