1.There are hundreds of colleges and universities that serve millions of college
ID: 1244447 • Letter: 1
Question
1.There are hundreds of colleges and universities that serve millions of college students each year. The colleges vary by location, size, and educational quality, which allows students with diverse preferences to find schools that match their needs.
Number of firms?
a.one b.few c.many
Type of product?
a.unique b. Anything c. Identical d. Differential
Market Model?
a. Oligopoly b. Perfect competition c.Monopolistic Competition d. Monopoly
2. In a large city, two taxi companies own all the licenses that the city will grant to operate taxis. Consumers don't care which cab company they take- if they decide it's worth taking a cab, they flag down the nearest one.
Number of firms? a.one b.few c.many
Type of product? a.unique b. Anything c. Identical d. Differential
Market Model? a. Oligopoly b. Perfect competition c.Monopolistic Competition d. Monopoly
3. The government has granted a patent to a drug company for an experimental AIDS drug. That company is the only firm permitted to sell the drug.
Number of firms? a.one b.few c.many
Type of product? a.unique b. Anything c. Identical d. Differential
Market Model?a. Oligopoly b. Perfect competition c.Monopolistic Competition d. Monopoly
4.Dozens of companies produce plain white socks. Consumers regard plain white socks as identical, and don't care about who sells them their socks. The technology for producing socks is widely known, and any reputable person who wanted to start a sock manufacturing business could obtain a loan from a bank to buy the necessary machinery.
Number of firms?a.one b.few c.many
Type of product? a.unique b. Anything c. Identical d. Differential
Market Model?a. Oligopoly b. Perfect competition c.Monopolistic Competition d. Monopoly
Explanation / Answer
1 c, d ,c 2 b, c ,a 3 a, b , d 4 c,c,b
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