Econ 001 - Principles of Economics » Fall 2021 » Quiz on Lesson 14

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Question #1
Having exclusive use of your unique business "logo" or trademark is an example of
A.   a "natural monopoly"
B.   a "legal monopoly" or property right
C.   a "resource monopoly"
Question #2
If a small rural town in the Rocky Mountains has only two fastfood restaurants, this is called
A.   oligopoly
B.   monopoly
C.   duopoly
D.   perfect competition
Question #3
The creation of the Internet has made many industries more competitive, because consumers can shop from more firms selling the same products!
A.   FALSE
B.   TRUE
Question #4
Government requires nurses to complete specific classes and become certified by an accredited college. This is an example of
A.   a closed industry
B.   an open industry
Question #5
The main features of Perfect Competition are
A.   firms in the market sell identical products a large number of firms are in the market
B.   a few firms dominate the market firms in the market sell slightly differentiated products
C.   firms in the market sell slightly differentiated products a large number of firms are in the market
D.   firms in the market sell slightly differentiated products a single firm operates in the market
Question #6
When a "Perfect Price Discrimination" Monopoly is in the Market, the Profit Area to the seller is the exact same area as the total Trade Gains ("Social Surplus") Area.
A.   TRUE
B.   FALSE
Question #7
"Open monopoly" means one producer dominates sales in his or her market - but entry by competitors is still open (free entry, no restrictions)!
A.   FALSE
B.   TRUE

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