market structures and competition

Who sets the price in a monopolistic competition? producers and consumers consumers only government producers only

producers and consumers

Which best describes how the government enables government monopolies to exist? by issuing a patent by allowing natural monopolies to exist by creating and running a monopoly by owning the means of production

by creating and running a monopoly

If consumer sovereignty is considered greatest in a system of pure competition, why is sovereignty still limited? Consumers still rely on producers' set prices. Few products are actually sold on the basis of pure competition. Choices are driven by price when goods are identical. Limited price variations restrict actual choice.

Choices are driven by price when goods are identical.

Which helps enable an oligopoly to form within a market? Costs of starting a competing business are too high. The government restricts market entry. The number of options in a market confuses consumers. No competition exists between producers.

Costs of starting a competing business are too high.

Why is competition limited in an oligopoly? High entry costs prevent new producers from entering the market. Producers completely refuse to engage in price wars. No major distinctions exist between producers. Producers actively segment the market to avoid competition.

High entry costs prevent new producers from entering the market.

Why is the automobile industry considered an oligopoly? It offers little differentiation within the market. It has significant barriers to entry. It is controlled by companies that patent key technology. It relies on price variation to attract customers. It depends on brand loyalty and image to generate sales. It is dominated by a few key players.

It has significant barriers to entry. It depends on brand loyalty and image to generate sales. It is dominated by a few key players.

___________ is the type of competition that occurs in a competitive market without identical producers. monopolistic pure competition an oligopoly

monopolistic

Which best describes the availability of substitutes in a monopoly? Price points vary. There are no substitutes. There are different brands. Products have different features.

There are no substitutes.

When an oligopoly exists, how many producers dominate the market? none one a few many

a few

Natural monopolies occur when one producer can meet the market's entire demand. controls the method of production. is the only one authorized to produce a given product. creates unique products.

can meet the market's entire demand.

The market for which item generally involves pure competition? cola corn jeans ice cream

corn

In pure competition, producers compete exclusively on the basis of sell identical items. advertise heavily to promote their good. product the unique features of their good. focus on maintaining a positive image.

sell identical items.

__________ Is the term used to describe the amount of control or influence that consumers have on a market. sovereignty competition oligopoly

sovereignty

Wellness Pharmaceuticals has released a new antidepressant, Lexabuzac. Which type of monopoly does the company most likely have on this medication? natural monopoly de facto monopoly government monopoly technological monopoly

technological monopoly