10. Under the right conditions, perfectly competitive markets will lead to (a) A

Question

10. Under the right conditions, perfectly competitive markets will lead to (a) A price set above the equilibrium by a government by law or policy (b) A freely-negotiated price in a market that reflects full efficiency (c) A freely-negotiated price in a market that leads to a shortage (d) A price set below the equilibrium by a government by law or policy 11. If an oligopoly characterizes the firms in a market, this means that (a) A small number of firms dominate the supply side of the market (b) One firm dominates the supply side of the market (c) Many small firms with little control over prices are in the market (d) The market has very few consumers for its product 12. If a monopoly firm operates in a market, this means that: (a) A small number of firms dominate the supply side of the market (b) One firm dominates and has influence over price in the market (c) Many small firms with little control over prices are in the market (d) The market has few consumers for its product 13. Sometimes it is difficult to distinguish a person who is not in the labor force and someone who is unemployed because they (a) May be a seasonal worker (b) May be a part time worker only (c) May be actively looking for work and found a job in the past few days (d) May have stopped looking for work because they are discouraged or marginally attached to the labor force 14. GDP per capita (a) Explains the market concentration of an industry (b) Is a measure of income per person in a country (c) will grow rapidly when population growth is large (d) Measures the efficiency of an economy 15. When a firm vertically integrates (there is a high amount of vertical integration), that means it: (a) Expands its operations to include producing completely different kinds of products (b) Controls multiple parts of its supply chain, including suppliers and distributors (c) Controls only a small part of a market (d) Has very little market share

Explanation / Answer

10) option b is correct (perfect competition definition)

11) option a is correct (oligopoly definition)

12) option b is correct (monopoly definition)

13) option d is correct (unemployed persons are those who are seeking job actively)

14) option b is correct

15) option b is correct (vertical integration - control of multiple parts of supply chain)

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