A. perfect competition
B. monopolistic competition
C. oligopoly
D. monopoly
Related Mcqs:
- Which market is characterized by a small number of large buyers who control all purchases and therefore the market price of a good a service ?
A. Oligopoly
B. Grey market
C. Oligopsony
D. Green market - Assume that firms in an oligopoly are currently colluding to set price and output to maximise total industry profit. If the oligopolists are forced to stop colluding, the price charged by the oligopolists will _________ and the total output produced will __________?
A. decrease; decrease
B. increase; decrease
C. decrease; increase
D. increase; increase - If a producer has market power (can influence the price of the product in the market) then free market solutions ?
A. are equitable.
B. are efficient
C. maximize consumer surplus
D. are inefficient - If an input necessary for production is in limited supply so that an expansion of the industry raises costs for all existing firms in the market, then the long-run market supply curve for a good could be ?
A. perfectly inelastic
B. perfectly elastic
C. upward sloping
D. downward sloping - An industry that has a relatively small number of firms that dominate the market is called ?
A. a colluding industry
B. a merged industry
C. a concentrated industry
D. a natural monopoly - If all firms in a market have identical cost structures and if inputs used in the production of the good in that market are readily available, then the long-run market supply curve for that good should be ?
A. downward sloping
B. perfectly inelastic
C. upward sloping
D. perfectly elastic - Name a market that is characterized by a small number of producers who often act together to control the supply of a particular good and its market price ?
A. Oligopoly
B. Monopoly
C. Oligopsony
D. Grey market - When you consume good Q, not only do you benefit form consuming the good but other people benefit from your consumption as well, if firms produce good Q where P = MC, firms will be producing ?
A. less than the efficient level of output
B. more than the efficient level of output
C. so that consumer surplus is zero
D. the efficient level of output - A firm in perfectly competitive industry is producing 50 units, its profit-maximising quantity. Industry price is £2 and total fixed costs and total variable cost are £25 and £40 respectively. The firm’s economic profit is ?
A. £35
B. £15
C. £30
D. £60 - If a few firms dominate an industry the market is known as ?
A. monopolistic competition
B. Competitively monopolistic
C. Duopoly
D. Oligopoly
