High initial costs, licenses, start-up fees and government regulation are all examples of __________.

• a.)
• shared information within perfect competition
• b.)
• a simplified view of the market
• c.)
• issues faced by firms in perfect competition
• d.)
• barriers to entry or exit

Which of the following examples is acharacteristic necessary for a diamond firm to run as a monopoly?

• a.)
• The firm has complete control over price and is known as a price-maker.
• b.)
• Consumers have access to the production costs of diamond mining.
• c.)
• The cost to enter the diamond industry is inexpensive and there are many mines available for purchase.
• d.)
• Companies differentiate their diamonds by the use of advertising

Which of the following description corresponds with a monopolistic competition?

• a.)
• All of the baggage handlers at a certain airport belong to the same labor union, which sets the wages for that type of labor.
• b.)
• Jean Genieuses Label Haven to produce their brand's label. Label Haven has a patent on the production of this specific label, so the owner of Jean Geniecannot order the label to be manufacturedat another company.
• c.)
• The warehouse workers order sandwiches every Wednesday. Generally, they prefer to order from the Sandwich Shoppe because the oven-baked bread is their favorite. Since there are many competing sandwich places, sometimes they order from other restaurants who offer a great deal.
• d.)
• There are only a few companies that offer catering services to the university, and although they offer similar food and beverages, their prices seem higher than they would be if there was more competition.

Which of the following would NOT be an industry that contains oligopolies?

a.)

Airlines

b.)

Distributers of apples

c.)

Internet service providers

d.)

Car industry