What is the market situation exist when there are many buyers and many sellers ?
(A) Perfect competition
(B) Oligopoly
(C) Oligopsony
(D) Monopoly
Duopsony is a market situation where there is/are______________?
(A) Few sellers and few buyers
(B) Few sellers and many buyers
(C) Many sellers and few buyers
(D) One seller and few buyers
What refers to the market situation in which any given product is supplied by a very large number of vendors and there is no restriction against additional vendors from entering the market ?
(A) Perfect competition
(B) Oligopoly
(C) Oligopsony
(D) Monopoly
What is another term for “perfect competition” ?
(A) Atomistic competition
(B) No-limit competition
(C) Free-for-all competition
(D) Heterogeneous market
Duopoly is a market situation where there is/are____________?
(A) Few sellers and few buyers
(B) Few sellers and many buyers
(C) Many sellers and few buyers
(D) One seller and few buyers
What is the opposite of perfect competition ?
(A) Monopsony
(B) Oligopoly
(C) Oligopsony
(D) Monopoly
Aside from many sellers and many buyers, which one is a characteristic of perfect competition ?
(A) Homogeneous product
(B) Free market entry and exit
(C) Perfect information and absence of all economic friction
(D) All of the above
A _____________ is a market situation where economies of scale are so significant that cost are only minimized when the entire output of an industry is supplied by a single producer so that the supply costs are lower under monopoly that under perfect competition ?
(A) Perfect monopoly
(B) Bilateral monopoly
(C) Natural monopoly
(D) Ordinary monopoly
What refers to the goods and services that are required to support human life, needs and activities ?
(A) Producer products
(B) Consumer products
(C) Luxury
(D) Necessity
What refers to the exchange mechanism that brings together the sellers and the buyers of a product, factor of production or financial security ?
(A) Mall
(B) Market
(C) Store
(D) Office