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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. Few large producers, barriers to entry, and mutual interdependence are characteristics of a(n)
2. Imagine a perfectly competitive market. If the market price of the product is $15 and the marginal cost is also $15, which of the following is true?
3. Producing to where MR = MC in a perfectly competitive market ensures
4. The services of natural gas, water, and electricity brought into the household are best consigned to which market structure?
5. If you are reading a firm’s business plan and see many resources dedicated to advertising, you would know that the firm’s market structure is a(n)
6. The difference between total revenue and total explicit and implicit costs is known as
7. The significant purpose of a “barrier to entry” in a market is
8. A perfect competition refers to
9. All of the following explain the downward slope of the demand curve EXCEPT
10. If the price of a good increases, the most likely result would be for the
11. If the price of a variable resource increases, the result would be
12. Firm X decides to shut down production in the short run where its costs would be
13. The government establishes a price ceiling on Good X above the equilibrium price. The result would
14. An airline may identify a specific group of people and charge them a different rate. This is known as
15. If the price of cigarettes increases, we would expect
16. In the market system, resources are allocated in which ways? I. Customs and traditions influence which goods and services are produced. II. Voluntary exchange influences which goods and services are produced. III. Government determines which goods and services are produced.
17. Total variable costs refers to
18. Use the following diagram to answer question 67. Sections A, B, and C of the preceding short-run and long-run average cost graph show, respectively,
19. Establishing an effective price floor would help
20. A cartel will maximize profit when
21. Allocative inefficiency is a hallmark of which market structure?
22. Marginal utility refers to
23. Dead weight loss occurs in which type of market structure?
24. A price increase in Product X resulted in an increase in demand for Product Z. Product Z is most likely a(n)
25. If price is rising to the break-even point as more and more firms exit the market, then

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