Welcome to your Grade 11 Economics chapter 2
After carefully reading the following 30 questions, choose the correct answer.
1.
Which market structure is characterized by a single firm with no close substitutes?
2.
Under perfect competition, a firm is a:
3.
In a perfectly competitive market, the firm's demand curve is:
4.
The profit-maximization rule for any firm is to produce where:
5.
Which degree of price discrimination involves charging each consumer the maximum price they are willing to pay?
6.
Interdependence among sellers is a key characteristic of:
7.
Product differentiation is a typical feature of:
8.
A market with a few large sellers is called:
9.
When oligopolistic firms reach a formal agreement to set prices or output, it is called:
10.
In which market structure does the firm face a downward-sloping demand curve but has many competitors?
11.
The Bertrand model of oligopoly assumes firms compete on:
12.
The Cournot model of oligopoly assumes firms compete on:
13.
In a monopoly, the marginal revenue (MR) is always:
14.
A perfectly competitive firm should shut down in the short run if:
15.
Which market structure is characterized by free entry and exit in the long run?
16.
A monopoly firm's supply curve:
17.
What is the main objective of a monopolist practicing price discrimination?
18.
In the long run, a perfectly competitive firm earns:
19.
Which of the following is a barrier to entry in a monopoly?
20.
A group of firms that collude to act like a single monopolist is a:
21.
Under monopolistic competition, in the long run, the firm produces where:
22.
Third-degree price discrimination occurs when the monopolist:
23.
The short-run supply curve of a perfectly competitive firm is:
24.
Monopoly power refers to the ability of a firm to:
25.
In a monopoly, the point of equilibrium is where:
26.
Which of the following is an example of a non-collusive oligopoly model?
27.
Monopolistic competition is different from perfect competition because of:
28.
A "natural monopoly" occurs when:
29.
The demand curve for a monopolist is:
30.
Excess capacity in the long run is a characteristic of:
