In                                 industries, one company controls the market; in                                 industries, many companies produce similar products and consumers choose where to buy.Group of answer choicesdictatorship; democratichigh-demand; low-demandmonopolistic; competitivewealthy; poor

All of the following industries are examples of oligopolistic markets exceptGroup of answer choicesautomobile manufacturingaircraft manufacturingthe broadcasting industryfast food restaurants

A perfectly competitive market involves firms that are price takers. This guarantees:Multiple choice question.consumers receive the lowest prices.producers receive the highest prices.easy entry and exit.a large number of buyers and sellers.

Which of the following best describes types of market structures that exist in various economies?Group of answer choicesA single producer that dominates the market on the one side and several large firms, each producing a sizeable portion of the market supply.At one end very few number of firms dominating the market and at the other end thousands of firms each producing a tiny fraction of market supply.A few firms that dominate the market on the one side and several firms producing a high proportion of the market supply.A single producer that dominates the market on the one side and a large number of firms each producing a tiny fraction of market supply on the other side.

Monopolistically competitive firmsGroup of answer choiceshave market power because they can set price above marginal cost.have no market power because they earn zero economic profit.have no market power because of free entry.have no market power because price equals marginal cost.

A key characteristic of a competitive market is that     Group of answer choicesgovernment antitrust laws regulate competition.producers sell nearly identical products.firms minimize total costs.firms have price setting power.