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Test bank ECON 101 Quiz 6 Week 6 Ch. 9 and 10 (Solved) A+ Updated
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Test bank ECON 101 Quiz 6 Week 6 Ch. 9 and 10 (Solved) A+ Updated
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Quiz Submissions - Week 6 Quiz (Chapter 9 & 10)Quiz Submissions - Week 6 Quiz (Chapter 9 & 10)
Question 1 points
Perfect competition is characterized by:
rivalry in advertising.
fierce quality competition.
the inability of any one firm to influence price.
widely recognized brands.
Question 2 points
An industry that contains a firm that is the only producer of a good or
service for which there are no close substitutes and for which entry by
potential rivals is prohibitively difficult is:
Test Bank A+ Page 1
, Quiz Submissions - Week 6 Quiz (Chapter 9 & 10)
a duopoly.
a monopoly.
an oligopoly.
perfect competition.
Question 3 points
Which of the following is true in a perfectly competitive market?
One unit of a good or service cannot be differentiated from any other
on any basis.
Brand preferences exist but are very slight.
Barriers to entry are relatively strong.
Information is costly.
Question 4 points
The assumptions of perfect competition imply that:
individuals in the market accept the market price as given.
individuals can influence the market price.
the price will be a fair price.
the price will be low.
Question 5 points
Which of the following is true?
Test Bank A+ Page 2
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