Chapter 9 A
The demand curve in perfect competition is perfectly __________.
A. Even
B. Elastic
C. Inelastic
D. Balanced
B. Elastic
A market or industry comprising relatively few firms engaged in the purchase of resources are called?
A. Monpsonies
B. Monopsonistic competition
C. Oligopsonies
D. Oligopolies
D. Oligopolies
A/An ________ is defined as a market structure in which there are a small number of sellers?
A. Monogamy
B. Monopoly
C. Polygopoly
D. Oligopoly
D. An oligopoly is defined as a market structure in which there are a small number of sellers.
Which of the following items would fall under perfect competition?
A. Beef producer
B. Hairdresser
C. Cell phone service provider
D. Slaughter house packers
A. Beef producer
Commodities covered by federal government programs include:
A. Pork
B. Rice
C. Hay
D. None of the above
B. Rice
What of the following is not one of the 4 types of competition in selling?
A. Perfect competition
B. Monopolistic competition
C. Oligopsony
D. Monopoly
C. Oligopsony
What are the three types of imperfect competitors on the buying side?
A. Monpsonies
B. Monopsonistic competition
C. Oligopsonies
D. Oligopolies
A. Monpsonies
B. Monopsonistic competition
C. Oligopsonies
How many barriers of entry are there?
A. 2
B. 4
C. 6
D. 8
There are 4 barriers of entry.
Which of the following are part of the 4 key market structure characteristics?
A. The number and size distribution of sellers and buyers
B. The degree of product differentiation
C. The extent of barriers to entry
D. The economic environment within which the industry operates
E. All of the above
F. None of the above
E. All of the above
The oldest and largest food assistance program for children in the United States is:
A. the National School Lunch Program
B. the Farmer-Owned Reserve Program
C. the Conservation Reserve Program
D. None of the above
A. the National School Lunch Program
Oligopolists are _________ in decision-making?
A. Independent
B. Interdependent
C. Co-dependent
D. Counter-dependent
B. Interdependent
True/False.
The piece of legislation that not only plugged loopholes in the Sherman Antitrust Act of 1890 but also created the federal trade commission was the Clayton Act of 1914.
True
How many sellers are there when a company has a monopoly?
A. One
B. Two
C. Few
D. Many
A. One
Farmers __________ were organized by farmers to offset disparity in market strength.
A. Corporations
B. Cooperatives
C. Distributors
D. Aliances
B. Cooperatives
Which of the following is not a consumer food issue?
A. Food safety
B. Nutrition and health
C. Adequate and cheap food supply
D. Federal food waste management program
True/False: The four common barriers to entry are:
True. The 4 common barriers to entry are:
What was the first piece of legislation prohibiting a Monopoly and other restrictive business practices?
A. The Clayton Act of 1914
B. The Sherman Antitrust Act
C. Robinson-Patman Act of 1936
D. Packers and Stockyards Act of 1921
B. The Sherman Antitrust Act prohibited a Monopoly and other restrictive business practices.
True or False: There is only one seller in perfect competition.
False
In the selling market, the more influence a company has, the ___________ competitors the company has.
A. Less
B. More
C. Same
D. Undeterminable
A. Less
When did the USDA begin using the commodity loan rate mechanism to support prices for commodities?
A. Early 1920's
B. Early 1930's
C. Early 1940's
D. Early 1950's
E. None of the aboe
B. Early 1930's
What is the main difference between monopolistic and perfect competition?
A. Product differentiation
B. Consumer demand
C. Economies of scale
D. Absolute unit-cost advantages
Product differentiation (A) is the main difference between monopolistic and perfect competition.
A/An ______ is defined as the market structure that has only one firm selling to buyers.
A. Monogamy
B. Monopoly
C. Polygopoly
D. Oligopoly
B. Monopoly is defined as the market structure that has only one firm selling to buyers.
Which way is the curve sloping in imperfect competition?
A. Right
B. Left
C. Downward
D. Upward
C. Downward
Unlike perfect competition, imperfect competitors have the ability to ________ price.
A. Set
B. Discount
C. Influence
D. None of the above
How did the 1996 FAIR Act impact the authority for the set-aside mechanism program?
A. Increased
B. Decreased
C. Eliminated
D. Had no effect
C. Eliminated