Economics Chapter 8 - 11
12 Questions
| Attempts: 136
Fun quiz of economics. Makes us love learning about economics. So much fun.
Questions and Answers
- 1.Choose the matching definitions to the 4 characters of monopoly A) Single Seller B) Price Taker C) No Close Substitution D) Blocked Entry
- A.
Control total quantity over price
- B.
No competition
- C.
One sole producer or seller
- D.
Unique product
- 2.Define Barriers to Entry
- 3.X-inefficiency
- 4.Price Discrimination
- 5.Describe the conditions before a firm can practice price discrimination A) Monopoly Power B) Market Segregation C) No Resale
- 6.Three Characteristics of Monopolistic Competition
- 7.Define Excess Capacity
- 8.Six Characteristics of Oligopoly
- 9.Define Collusion
- 10.Define Cartel
- 11.Three Obstacles to Collusion -demand and cost differences -number of firms -cheating
- 12.Positives in Advertising - name 3
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