Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
16 Cards in this Set
- Front
- Back
- 3rd side (hint)
|
What is defined as an entity which makes product, good or services available to buyer or consumer in exchange of monetary consideration? |
A. Seller B. Manufacturer C. Producer D. Buyer or consumer |
C |
|
|
What is a market situation whereby there is only one buyer of an item for which there is no goods substitute? |
A. Monopsony B. Monopoly C. Oligopoly D. Oligopsony |
A |
|
|
What market situation exists where there are few sellers and few buyers? |
A. Oligopoly B. Oligopsony C. Bilateral oligopoly D. Bilateral Oligopsony |
C |
|
|
What market situation exists where there is only one buyer and only one seller? |
A. Monopsony B. Monopoly C. Bilateral monopsony D. Bilateral monopoly |
D |
|
|
What is the market situation exist when there are many buyers and many sellers? |
A. Perfect competition B. Oligopoly C. Oligopsony D. Monopoly |
A |
|
|
If there is only one seller and many buyers, the market situation is |
A. Duopsony B. Oligopoly C. Oligopsony D. Monopoly |
D |
|
|
If there are many sellers and few buyers, the market situation is |
A. Duopsony B. Oligopoly C. Oligopsony D. Monopoly |
C |
|
|
Oligopoly exists when there is/are: |
A. Few sellers and few buyers B. Few sellers and many buyers C. Many sellers and few buyers D. One seller and few buyers |
B |
|
|
Duopsony is a market situation where there is/are: |
A. Few sellers and few buyers B. Few sellers and many buyers C. Many sellers and few buyers D. One seller and few buyers |
C |
|
|
Duopoly is a market situation where there is/are: |
A. Few sellers and few buyers B. Few sellers and many buyers C. Many sellers and few buyers D. One seller and few buyers |
B |
|
|
What is another term for “perfect competition”? |
A. Atomistic competition B. No-limit competition C. Free-for-all competition D. Heterogeneous market |
A |
|
|
What refers to the market situation in which any given product is supplied by a very large number of vendors and there is no restriction against additional vendors from entering the market? |
A. Perfect competition B. Oligopoly C. Oligopsony D. Monopoly |
A |
|
|
Aside from many sellers and many buyers, which one is a characteristic of perfect competition? |
A. Homogeneous product B. Free market entry and exit C. Perfect information and absence of all economic friction D. All of the above |
D |
|
|
What is the opposite of perfect competition |
A. Monopsony B. Oligopoly C. Oligopsony D. Monopoly |
D |
|
|
Perfect monopoly exists only if |
A. the single vendor can prevent the entry of all other vendors in the market B. the single vendor gets the absolute franchise of the product C. the single vendor is the only one who has the permit to sell D. the single vendor is the only one who has the knowledge of the product |
A |
|
|
A ______ is a market situation where economies of scale are so significant that cost are only minimized when the entire output of an industry is supplied by a single producer so that the supply costs are lower under monopoly that under perfect competition. |
A. Perfect monopoly B. Bilateral monopoly C. Natural monopoly D. Ordinary monopoly |
C |
