(11)A CARTEL must have (A) barriers to keep out competition (B) a large number of members (C) a product with many substitutes (D) a very ELASTIC market supply curve

(12)For firms in an oligopoly to be successful they must: (A) have a homogeneous product (B) have a small number of sellers (C) cooperate to produce the largest output (D) have an elastic market supply

(13)An illegal monopoly will ? (A) restrict his supply (B) produce the maximum technical efficiency output (C) have an elastic market demand (D) All of these

(14)In which kind of industry are firms likely to make positive profits in the long run (A) perfect competition (B) monopolistic competition (C) oligopoly (D) none of these

(15)) In which type of market will firms maximize profits by selling the output at which marginal revenue is equal to marginal cost ? (A) oligopoly (B) monopoly (C) perfect competition (D) all of these

(16)) In which type of industry do firms charge the socially optimal price in the long run: (A) oligopoly (B) perfect competition (B) monopolistic competition (C) oligopoly (D) illegal monopoly

(17) In which type of industry do firms have very small shares of the market: ? (A) cartel (B) oligopoly (C) monopoly (D) monopolistic competition ?

(18)In which type of industry does the firm sell at the Socially Optimal price in the long run:? (A) Cartel (B) monopolistic competition (C) oligopoly (D) none of these

(19)In which type of industry do firms end up producing a smaller output than is optimal in the long run ?(A) perfect competition (B) monopolistic competition (C) oligopoly (D) none of these

(20)In which type of industry do firms produce output at a point where marginal cost is above average cost in the long run ? (A) illegal monopoly (B) monopolistic competition (C) perfect competition D) none of these

(21) In which type of industry might firms sell at Price above Average Cost in the short run ? (A) monopoly (B) monopolistic competition (C) (D) perfect competition (E) all of these

(22) In which type of industry do firms have the MOST INELASTIC demand curve ? (A) perfect competition (B) monopolistic competition (C) oligopoly (D) illegal monopoly

(23)) In which type of industry do firms have free entry and free exit ? (A) cartel (B) monopolistic competition (C) oligopoly (D) illegal monopoly

(24)) In which type of industry do firms earn zero profits in the long run ? (A) cartel (B) monopolistic competition (C) oligopoly (D) illegal monopoly

(25)Which type of industry do we rarely to never encounter in the real world ? (A) cartel(B) oligopoly (C) monopolistic competition (D) perfect competition