1. The most crucial feature of monopolistic competition is:

a. having the highest total revenue.

b. Having the lowest prices. c. Product differentiation. d. Having the best salesman.

2. A monopoly is a firm that produces:

a. Competition in the industry. b. All the output in the industry. c. Equilibrium in the industry. d. The smallest amount of output in the industry.

3. An oligopoly is an industry with:

a. The sellers.

b. Multiple sellers. c. No more than two sellers.

4. in the United States, nearly all resources are owned by.

a. Business firms

b. The government. c. Individuals. d. Foreigners.

5. We have a mixed economy, because:

a. We consume domestically produced goods, as well as imports

b. we produce guns and butter

c. We consume goods and services. d. There is a private sector and a public sector