《江西财经大学微观经济学试题库》chapter 15.docVIP

Microeconomics, 10e (Parkin) Chapter 15 Oligopoly 1 What is Oligopoly? 1) An oligopoly is a market structure in which there are A) only a few buyers but many sellers. B) only a few sellers selling either an identical or differentiated product. C) many sellers selling a differentiated product. D) a few products sold by many sellers. Answer: B Topic: Oligopoly Skill: Recognition Question history: Previous edition, Chapter 15 AACSB: Reflective Thinking 2) Which of the following is a distinguishing characteristic of oligopoly? A) A small number of firms compete. B) No one firms actions directly affect the actions of the other firms. C) Firms are free to enter and exit the industry. D) Natural barriers cannot prevent the entry of new firms. Answer: A Topic: Oligopoly Skill: Recognition Question history: Previous edition, Chapter 15 AACSB: Reflective Thinking 3) When only a small number of producers compete with each other is a defining characteristic of A) inelastic supply. B) monopolistic competition. C) efficient competition. D) oligopoly. Answer: D Topic: Oligopoly Skill: Recognition Question history: Previous edition, Chapter 15 AACSB: Reflective Thinking 4) In oligopolistic markets, A) there are many firms. B) there are no barriers to entry. C) there are only a few firms. D) all firms are price takers. Answer: C Topic: Oligopoly Skill: Recognition Question history: Previous edition, Chapter 15 AACSB: Reflective Thinking 5) A market structure in which a small number of firms compete is called ________. A) a monopoly B) a small-number market C) an oligopoly D) monopolistic competition Answer: C Topic: Oligopoly Skill: Recognition Question history: Previous edition, Chapter 15 AACSB: Reflective Thinking 6) The key feature of an oligopoly is that there A) are many buyers and sellers. B) is one seller. C) exists product differentiation. D) are only a few sellers. Answer: D Topic: Oligopoly Skill: Recognition Question history: Previous edit