Oligopoly exists when 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 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 need, want or desire for a product backed by the money to purchase it ?

A. Supply
B. Demand
C. Product
D. Good