Question $1$ options:

A$)$

some competition may exist in the markets.

B$)$

some competition may exist but only on price and not in other ways.

C$)$

there is no competition in the markets.

D$)$

some competition may exist but only in other ways and not on price.

Question $2($Mandatory$)(1$ point$)$

Saved

A firm must be able to $\_\_\_\_\_\_\_\_$ competition if it is to exercise control over the price of its product.

Question $2$ options:

A$)$

not change

B$)$

limit

C$)$

increase

D$)$

maximize

Question $3($Mandatory$)(1$ point$)$

In an imperfectly competitive industry,

Question $3$ options:

A$)$

a single firm has some control over the price of its output.

B$)$

the government will always regulate the output price.

C$)$

a single firm has no control over the price of its output.

D$)$

a single firm will be able to sell all of its output at whatever price it wants to charge.

Question $4($Mandatory$)(1$ point$)$

Imperfect competition

Question $4$ options:

A$)$

is a major cause of externalities in the market.

B$)$

means there is no competition in the market.

C$)$

results in less efficient market outcomes.

D$)$

should always be regulated by the government

Question $5($Mandatory$)(1$ point$)$

Monopolies, oligopolies, and monopolistic competitive industries all

Question $5$ options:

A$)$

earn positive profits in the long run.

B$)$

raise price and quantity over what would occur in perfect competition in order to maximize their profits.

C$)$

have market power.

D$)$

are completely unconstrained in their pricing.

Question $6($Mandatory$)(1$ point$)$

Imperfect competition and market power

Question $6$ options:

A$)$

result from diseconomies of scale.

B$)$

are major sources of inefficiency.

C$)$

result in higher output than in perfect competition.

D$)$

are always the result of product differentiation.

Question $7($Mandatory$)(1$ point$)$

A monopoly is an industry with

Question $7$ options:

A$)$

many firms each able to differentiate their product.

B$)$

a single firm in which the entry of new firms is blocked.

C$)$

a small number of firms each large enough to impact the market price of its output.

D$)$

many firms each too small to impact the market price of its output.

Question $8($Mandatory$)(1$ point$)$

An oligopoly is an industry market structure with

Question $8$ options:

A$)$

a single firm in which the entry of new firms is blocked.

B$)$

a small number of firms each large enough to impact the market price of its output.

C$)$

many firms each able to differentiate their product.

D$)$

many firms each too small to impact the market price.

Question $9($Mandatory$)(1$ point$)$

Monopolistic competition is an industry market structure with

Question $9$ options:

A$)$

many firms each too small to impact the market price of its output.

B$)$

many firms each able to differentiate their product.

C$)$

a small number of firms each large enough to impact the market price of its output.

D$)$

a single firm in which the entry of new firms is blocked.

Question $10($Mandatory$)(1$ point$)$

Market power refers to a firm's ability to

Question $10$ options:

A$)$

monopolize a market completely.

B$)$

sell any amount of output it desires at the market$-$determined price.

C$)$

charge any price it likes.

D$)$

raise price without losing all sales of its product.

Question $11($Mandatory$)(1$ point$)$

A coffee manufacturer raises the price of its coffee by $10\%,$ and the quantity demanded of its coffee falls by only $12\%.$ This firm has

Question $11$ options:

A$)$

not been able to prevent its competitors from competing with it on price.

B$)$

some market power.

C$)$

no monopoly power in the output market.

D$)$

some output power.

Question $12($Mandatory$)(1$ point$)$

Which of the following is LEAST likely to be considered a firm in an imperfectly competitive industry?

Question $12$ options:

A$)$

the only locally owned and operated bank in Severn, MD$.$

B$)$

a Burger King in Pittsburgh, Pa$.$

C$)$

a wheat farmer in Kansas

D$)$

Ohio Bell Telephone Company

Question $13($Mandatory$)(1$ point$)$

When $\_\_\_\_\_\_\_\_$ substitutes exist, a firm in an imperfectly competitive industry has $\_\_\_\_\_\_\_\_$ power to raise price.

Question $13$ options:

A$)$

more; more

B$)$

more; less

C$)$

no; infinite

D$)$

fewer; less

Question $14($Mandatory$)(1$ point$)$

The $\_\_\_\_\_\_\_\_$ broadly a market is defined; the more difficult it becomes to find $\_\_\_\_\_\_\_\_.$

Question $14$ options:

A$)$

more; complements

B$)$

more; substitutes

C$)$

less; goods independent of each other

D$)$

less; substitutes

Question $15($Mandatory$)(1$ point$)$

The demand for food will likely be price $\_\_\_\_\_\_\_\_$ while the demand for Brand X Burger will likely be price $\_\_\_\_\_\_\_\_.$

Question $15$ options:

A$)$

elastic; inelastic

B$)$

elastic; elastic

C$)$

inelastic; inelastic

D$)$

inelastic; elastic

Question $16($Mandatory$)(1$ point$)$

The demand for Ben & Jerry's ice cream will likely be $\_\_\_$