Principles of Microeconomics 9th Edition- Test Bank

Principles of Microeconomics 9th Edition- Test Bank

Chapter 08
Perfect Competition

Multiple Choice Questions

The following are different market structures:
1. Monopoly
2. Perfect Competitions
3. Monopolistic Competition
4. Undifferentiated Oligopoly
5. Differentiated Oligopoly

1. Refer to the above information to answer this question. What is the name of the market in which all buyers and sellers have no control over the price?
A. 1.
B. 2.
C. 3.
D. 4.
E. 5.

Accessibility: Keyboard Navigation
Blooms: Remember
Blooms: Understand
Difficulty: Easy
Learning Objective: 08-01 Distinguish among a firm; an industry; and a market.
Topic: 08-01 Characteristics of Different Markets

2. Refer to the above information to answer this question. What is the name of the market in which there are many sellers and the product is differentiated?
A. 1.
B. 2.
C. 3.
D. 4.
E. 5.

Accessibility: Keyboard Navigation
Blooms: Remember
Blooms: Understand
Difficulty: Easy
Learning Objective: 08-01 Distinguish among a firm; an industry; and a market.
Topic: 08-01 Characteristics of Different Markets

3. Refer to the above information to answer this question. What is the name of the market in which there are a few large sellers and the product is identical?
A. 1.
B. 2.
C. 3.
D. 4.
E. 5.

Accessibility: Keyboard Navigation
Blooms: Remember
Blooms: Understand
Difficulty: Easy
Learning Objective: 08-01 Distinguish among a firm; an industry; and a market.
Topic: 08-01 Characteristics of Different Markets

4. Refer to the above information to answer this question. What is the name of the market in which there are numerous sellers who sell an identical product?
A. 1.
B. 2.
C. 3.
D. 4.
E. 5.

Accessibility: Keyboard Navigation
Blooms: Remember
Blooms: Understand
Difficulty: Easy
Learning Objective: 08-01 Distinguish among a firm; an industry; and a market.
Topic: 08-01 Characteristics of Different Markets

5. Refer to the above information to answer this question. What is the name of the market in which there are a few large sellers and the product is differentiated?
A. 1.
B. 2.
C. 3.
D. 4.
E. 5.

Accessibility: Keyboard Navigation
Blooms: Remember
Blooms: Understand
Difficulty: Easy
Learning Objective: 08-01 Distinguish among a firm; an industry; and a market.
Topic: 08-01 Characteristics of Different Markets