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The Nature and Function of Product Markets
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The Nature and Function of Product Markets
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25 Questions

1. All of the following are factors affecting the elasticity of demand EXCEPT
2. What is the most likely reason perfectly competitive firms do not make a profit in the long run?
3. The best way a government deals with a monopoly is by
4. Total variable costs refers to
5. If the quantity supplied equals the quantity demanded for a good or service, it is said that
6. A limit on interest rates charged by a credit card company is an example of a
7. No barriers to entry or exit, many firms, and a standardized product are characteristics of which type of market structure?
8. If the price of a good increases, the most likely result would be for the
9. If you calculate the elasticity of a good to be less than 0, you are correct to assume
10. The law of diminishing marginal utility refers to
11. Monopoly dead weight loss is caused by
12. In a perfect competition, if P > ATC, which of the following will take place in the long run?
13. All of the following are factors that contributed to Supply 1 shifting to Supply 2 EXCEPT
14. If price is rising to the break-even point as more and more firms exit the market, then
15. What percentage of the business firms in the United States are sole proprietorships?
16. Suppose you pick up the latest edition of The Economist and read that Company Z, a producer of cigarettes, recently purchased 8 out of the 10 biggest farms that produce tobacco. Since you are a very good AP Economics student, you realize immediately that Company Z is attempting to
17. For a perfectly competitive firm, what are usually the long-term profits?
18. The difference between a monopoly and a monopolistic competition is
19. One of the key differences the makers of the iPhones and the BlackBerry smartphones utilize as part of a monopolistic competition is
20. As a result of increased growth, a firm may experience difficulty in managing larger plants and may lose efficiency. This is known as
21. Which of the following shows the profit-maximizing point for all types of market structures?
22. If a firm owns a patent on a product, what may occur?
23. Establishing an effective price floor would help
24. A monopolistic competition refers to
25. Price, technology, taxes, and the number of producers in an industry are known as

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