Directions: Read the questions carefully. Choose the letter of the correct answer. Encircle your answer. a) 1. Which does not belong to the group of market structures? a) Monopoly b) Oligopoly c) Perfect Competition d) Market Competition 2. Which of the following is the most competitive market structure? a) Perfect competition b) Monopolistic competition c) Oligopoly d) Monopoly 3. Which of the following is the least competitive market structure? a) Perfect competition b) Monopolistic competition c) Oligopoly d) Monopoly 4.Which of the following is NOT a feature of a monopolistic competition? a) Numerous sellers b) Product differentiation c)Numerous buyers d) Homogenous price 5. What market structure if price is the key for competing with other firms? a) Monopoly b) Oligopoly c) Monopolistic competition d) Perfect competition 6. When the revenue is equal to price, which types of market structure? a) Competitive monopoly b) Oligopoly c) Perfect competition d) All are types 7. Which of the following is NOT a type of market structure? a) Competitive monopoly b) Oligopoly c) Perfect competition d) All are types 8. If ABM firm sells its output in a market, with many sellers and buyers of homogeneous product, and unlimited resource mobility, the structures is a/an a) monopolist b) Oligopolist c) perfect competitor d) monopolistic competitor 9. If the ABM firm sells homogenous products in a market, with a single seller and many buyers, for which there are no close substitutes to the products, it is a/an a) monopolist b) oligopolist c) perfect competitor d) monopolistic competitor 10. If ABM firm sells its differentiated products in a market, with many sellers and buyers, the structure is a/an a) monopolist b) oligopolist c) perfect competitor d) monopolistic competition