1. This market structure has a lot of many buyers and sellers offering identical goods and services.

a. monopolistic competition b. oligopoly c. monopoly d. perfect competition

2. This market can sometimes experience firms taking part in anti-competitive behaviour.

a. monopoly b. oligopoly c. monopolistic competition d. perfect competition

3. This market is identified with its lack of substitutes because of having a singular seller in the market.

a. oligopoly b. monopoly c. monopolistic competition d. perfect competition

4. Products in this market are differentiated.

a. monopolistic competition b. monopoly c. oligopoly d. perfect competition

5. It is a short-term decision of a firm to halt production for a specific period of time due to market conditions.

a. none of these are correct b. shut down c. exit the market d. enter the market

6. What do firms usually do when their total revenue is lesser than its total costs?

a. shut down b. exit the market c. none of these are correct d. enter the market

7. It is a cost advantage resulting from an increase volume of production.

a. economies of scale b. price takers c. none of these are correct d. barriers to entry

8. This is one form of a formal agreement in an oligopoly.

a. cartel b. barriers to entry c. natural monopolies

9. It is a type of differentiation which involves adding special features to the product to enhance it.

a. physical product differentiation b. distribution differentiation c. marketing differentiation

10. Who is one of the economists that first identified monopolistic competition in 1930s?

a. joan Robinson b. Karl Marx c. Milton Friedman

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