17) In which of the difficult? wing industry structures is the entry of new firm

Question

17) In which of the difficult? wing industry structures is the entry of new firms the most industry 17) B) Pure monopoly D) Oligopoly C) Pure competition. 18) An industry comprised product is known as: of a very large number of sellers producing a standardized 18) A) monopolistic competition. C) oligopoly B) pure competition. D) pure monopoly 19) A purely competitive seller is: 19) A) a "price maker B) a "price taker. C) neither a "price maker" nor a "price taker." D) both a "price maker" and a "price taker." 20) Which of the following is not a basic characteristic of pure competition? A) A standardized or homogeneous product. B) A large number of buyers and sellers. C) Considerable nonprice competition. D) No barriers to the entry or exit of firms. 21) The demand schedule or curve confronted by the individual, purely competitive firm is: 21) A) relatively elastic, that is, the elasticity coefficient is greater than unity B) relatively inelastic, that is, the elasticity coefficient is less than unity C) perfectly elastic. D) perfectly inelastic. 22) A) of product differentiation reinforced by extensive advertising. B) there are no good substitutes for its product. C) the firm's demand curve is downsloping. D) each seller supplies a negligible fraction of total supply. 22) Price is constant to the individual firm selling in a purely competitive market because: 23) A perfectly elastic demand curve implies that the firm: in total revenue that is less than product price when it sells an A) realizes an increase extra unit. B) is selling a differentiated (heterogencous) product. C) can sell as much output as it chooses at the existing price. D) must lower price to sell more output

Explanation / Answer

17 - in case of pure monopoly there are full barriers to entry, no firm can enter or exit the market.

so answer is pure monopoly

18- pure competition is the one characterized by large number of sellers selling standardized products.

so answer is pure competition

19- in perfect competition the prices are determined by the interaction of industry demand and industry supply, thus single firms ae just price takers.

so answer is price taker.

20- considerable nonm price competition is the answer because in perfect competition there is no price competition because prices are determined by the industry.

so answer is C

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