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ECO 202 – FINAL TEST. 35 Questions and Answers. 100% Pass rate.

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ECO 202 – FINAL TEST 1. Match the following descriptions with the appropriate market structure: I. Perfect competition II. Monopolistic competition III. Oligopoly IV. Monopoly A) An industry with signific ...

ECO 202 – FINAL TEST 1. Match the following descriptions with the appropriate market structure: I. Perfect competition II. Monopolistic competition III. Oligopoly IV. Monopoly A) An industry with significant barriers to entry and a single supplier: IV. B) A highly concentrated market with just a few interdependent firms: III. C) A highly competitive market with slightly differentiated products: II. D) A highly competitive market where firms are price takers: I. 2. Which of the following is NOT a feature of monopolistic competition? A) Numerous sellers B) Product differentiation C) Numerous buyers D) Homogenous products E) None of the above 3. In which form of market structure would price be the key factor when competing? A) Monopoly B) Oligopoly C) Monopolistic competition D) Perfect competition E) None of the above 4. If the market demand curve for a commodity has a negative slope then the market structure must be A) perfect competition B) monopoly C) imperfect competition D) monopolistic competition E) The market structure cannot be determined from the information given. 5. Which of the following types of firms is likely to be a monopolistic competitor? A) A local telephone company B) An automobile manufacturer C) A restaurant D) A supermarket E) All of the above are likely to be monopolistic competitors 6. The fact that Pepsi uses a predominantly blue can, while Coke uses a red and white one is an example of... A) Collusion B) Product choice C) Product differentiation D) Price competition E) None of the above 7. A monopolistically competitive firm's demand curve is... A) Elastic because it has several competitors producing similar, but not identical goods B) Perfectly elastic because it has many competitors producing identical goods. C) Inelastic because it has at most no competitors producing the same good. D) None of the other choices 8. Suppose that in the short run, a monopolistically competitive industry faces P [Show More]

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