Economics Chapter 8

  1. ‘Barriers to entry':

    A. are often the result of government regulation.
  2. Which characteristic would best be associated with pure competition?

    D. Price taker
  3. Into which of the following market structures is entry least difficult?

    D. Monopolistic Competition
  4. Which of the following is a reason for why there is no advertising, by individual firms, under pure competition?

    A. Firms produce a homogeneous product
  5. Which of the following is not a basic market model?

    B. Pure enterprise.
  6. In which market model would the number of firms be the fewest?

    C. Pure Monopoly
  7. Which of the following is a characteristic of monopolistic competition?

    B. Relatively easy entry
  8. Which of the following is a feature of a purely competitive market?

    D. Products are standardised or homogeneous
  9. Which of the following is true under conditions of pure competition?

    B. No single firm can influence the market price by changing its output.
  10. Under which market model are the conditions of entry into the market easiest?

    A. Pure Competition.
Card Set
Economics Chapter 8
Economics markets