Question : 11) One requirement for an industry to be perfectly competitive : 1226188

11) One requirement for an industry to be perfectly competitive is that

A) there are no restrictions on entry into or exit from the market.

B) there are multiple restrictions on entry into or exit from the market.

C) there are many firms selling different products.

D) sellers and buyers have imperfect information about prices.

E) the many firms sell slightly different products.

12) One requirement for an industry to be perfectly competitive is that

A) sellers and buyers have imperfect information about prices.

B) established firms have no advantage over new firms.

C) established firms have a significant advantage over new firms.

D) different firms produce widely different products.

E) many firms produce slightly different products.

13) A perfectly competitive market arises when

A) the market demand is small relative to the output of a firm.

B) there are many buyers but few sellers.

C) the market demand is very large relative to the output of one seller.

D) a firm has control over a unique resource.

E) each of the many firms produces a slightly different product.

14) Perfect competition is characterized by all of the following EXCEPT

A) a large number of buyers and sellers.

B) no restrictions on entry into or exit from the industry.

C) considerable advertising by individual firms.

D) buyers and sellers are well informed about prices.

E) firms produce an identical product.

15) Which of the following is the best example of a perfectly competitive market?

A) farming

B) diamonds

C) athletic shoes

D) soft drinks

E) electricity distribution

16) Which of the following market types has the fewest number of firms?

A) perfect competition

B) monopolistic competition

C) oligopoly

D) monopoly

E) perfect competition and monopolistic competition

17) A monopoly occurs when

A) each of many firms produces a product that is slightly different from that of the other firms.

B) one firm sells a good that has no close substitutes and a barrier blocks entry for other firms.

C) there are many firms producing the same product.

D) a few firms control the market.

E) one firm is larger than the many other firms that make an identical product.

18) In which market structure does one firm sell a good or service with no close substitutes and there is a barrier blocking the entry of new firms?

A) only monopoly

B) only oligopoly

C) perfect competition

D) monopolistic competition

E) either monopoly or oligopoly

19) When one firm sells a good or service that has no close substitutes and a barrier blocks the entry of new firms, what type of market is this?

A) perfect competition

B) only monopoly

C) oligopoly

D) only monopolistic competition

E) either monopoly or monopolistic competition

20) ________ a large number of firms competing by making similar but slightly different products.

A) Monopoly requires

B) Perfect competition requires

C) Monopolistic competition requires

D) Oligopoly requires

E) Both perfect competition and monopolistic competition require