16) From a legal standpoint, the production of a specific electronic information
ID: 1105731 • Letter: 1
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16) From a legal standpoint, the production of a specific electronic information good, like a book, song, movie, etc. is an example of a) monopoly b) oligopoly c imperfect competition d) perfect competition e public goods market 17) In which kind of market do the vast majority of our daily retail transactions take place? a) monopoly b) oliopoly c imperfect competition d) perfect competition e public goods market 18) In which kind of market is the equilibrium price equal to zero? a) monopoly b) oliopoly c) imperfect competition d) perfect competition e) public goods market 19) The existence of free bootleg software suggests that it is a(n) good. monopoly b) oligopoly c) imperfect competition d) perfect competition e) public goods market 20) In which kind of market does one see firms expend very large sums of money on high-end advertising campaigns? a) monopoly b) oligopoly c imperfect competition d) perfect competition e public goods market 21) In which kind of market is price greater than zero, and approximately equal to the marginal cost of production? a) monopoly b) oligopoly c imperfect competition d) perfect competition e) public goods marketExplanation / Answer
14. A. Patents and copyright act as entry barriers and keep the single seller monopolist safe from competition.
17. C. Imperfect competition. In this market , there are many sellers who sell slightly differentiated products with close substitutes available.
18. E. Public goods like health care services, education,every to public park, drive on road are all provided free of cost by the government. This is because these goods are of public utility.
21. D. Perfect competition. Price is same as marginal revenue and at equilibrium marginal revenue is same as marginal cost. So, Price becomes equal to cost.
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