Economics: Reading Quiz #3 : 10 points

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Presentation transcript:

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

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   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

5. Streetlights in a city are an example of a: A. public good B 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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