Q36. A market structure in which two firms control the market is a a. monopoly b
ID: 1212330 • Letter: Q
Question
Q36. A market structure in which two firms control the market is a
a. monopoly
b. monopolistic competition
c. perfect competition
d. duopoly
Q37. A firm that is a price maker can
a. limit output and raise prices
b. ignore the law of demand
c. ignore the elasticity of the demand for the product
d. both limit output and raise prices and ignore the elasticity of the demand for the product
Q38. A monoposony has
a. one seller
b. a single buyer
c. many sellers
d. many buyers
Q39. In first degree price discrimination,
a. each consumer pays the same price
b. all consumer surplus is captured by the seller
c. the seller separates the buyers into different groups
d. the seller charges different prices per unit for different quantities
Q40. The first act to declare monopolies illegal in the United States was the
a. Sherman Antitrust Act
b. Clayton Act
c. Federal Trade Commission Act
d. Robinson-Patman Act
Explanation / Answer
36.
A market structure in which two firms control the market is a duopoly.
Answer: d
37.
A firm that is a price maker can limit output and raise prices.
Answer: a
38.
A monoposony has a single buyer
Answer: b
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