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Economics: Reading Quiz #3 : 10 points 1. This market structure is characterized by similar products, few producers and high barriers to entry: A. Perfect.

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Presentation on theme: "Economics: Reading Quiz #3 : 10 points 1. This market structure is characterized by similar products, few producers and high barriers to entry: A. Perfect."— Presentation transcript:

1 Economics: Reading Quiz #3 : 10 points 1. This market structure is characterized by similar products, few producers and high barriers to entry: A. Perfect or Pure Competition B. Monopolistic Competition C. Oligopoly D. Monopoly 2. This market is characterized by many producers, few barriers to entry and differentiated products: A. Perfect or Pure Competition B. Monopolistic Competition C. Oligopoly D. Monopoly

2 3. The _______ is an organization of producers established to set production and price levels for a product: A. oligopoly B. monopoly C. cartel D. market 4.The enjoyment from hearing the spillover music from a neighborhood party is an example of: A. economies of scale B. positive externality C. negative externality D. none of the above

3 5. Streetlights in a city are an example of a: A. public good B. private good C. free-rider D. uniform good


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