DeVry ECON 312 Week 3 Quiz
Question 1
Economists use the term imperfect competition 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.
Question 2
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
Question 3
An industry comprising a very large number of sellers producing a standardized product is known as
A. monopolistic competition.
B. oligopoly.
C. pure monopoly.
D. pure competition.
Question 4
Which market model assumes the least number of firms in an industry?
A. monopolistic competition
B. pure competition
C. pure monopoly
D. oligopoly
Question 5
In which market model are the conditions of entry into the market easiest?
A. pure competition
B. pure monopoly
C. monopolistic competition
D. oligopoly
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Question 6
Pure monopoly refers to
A. any market in which the demand curve for the firm is downsloping.
B. a standardized product being produced by many firms.
C. a single firm producing a product for which there are no close substitutes.
D. a large number of firms producing a differentiated product.
Question 7
A purely monopolistic firm
A. has no entry barriers.
B. faces a downsloping demand curve.
C. produces a product or service for which there are many close substitutes.
D. earns only a normal profit in the long run.
Question 8
Barriers to entering an industry
A. encourage allocative efficiency.
B. encourage productive efficiency.
C. are the basis for monopoly.
D. apply only to purely monopolistic industries.
Question 9
If a monopolist engages in price discrimination, it will
A. realize a smaller profit.
B. charge a higher price where individual demand is inelastic and a lower price where individual demand is elastic.
C. produce a smaller output than when it did not discriminate.
D. charge a competitive price to all its customers.
Question 10
Price discrimination is
A. always legal.
B. always illegal.
C. only illegal if it hurts consumers more than nondiscrimination.
D. only illegal if used to lessen or eliminate competition.
