1. The four types of market structures we study in economics are perfect competition, monopoly, oligopoly, and monopsony. True or False?
2. As competition increases in markets, the demand curve for products becomes more price elastic and downward pressure on prices tends to ensue. True or False?

3As an imperfect competitor produces more and more output, we can assume that eventually marginal costs will continue to rise and marginal revenues to fall. True or false?

4Generally speaking, consumer surplus will be highest in a perfectly competitive market. True or False?

5The point where imperfect competitors will price their products and earn the highest level of total revenues is at the midpoint of the demand curve where total revenues are highest on the total revenue curve.

6The perfect competitor can produce as much as it wants or as little as it wants with no effects on market price whatsoever. True or False

7 Oligopolies and monopolies attempt reduce output and raise price, thereby incurring overcapacity and waste to society True or False