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An oligopolistic industry is characterized by all of the following except:
 
(i) existence of entry barriers.
(ii) firms pursuing aggressive business strategies, independent of rivals' strategies.
(iii) the possibility of reaping long-run economic profits.
(iv) production of standardized products.

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Keith Leannon
Keith LeannonLv2
19 Mar 2020

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Related questions

A monopoly is characterized by all of the following except: 
 
(i) entry barriers are high. 
(ii) there are no close substitutes to the firm's product. 
(iii) the firm has market power.
(iv) there are only a few sellers each selling a unique product. 

 

1) A natural monopoly exists when:

a. A few firms collude to make one large firm

b. Firms enter the industry as a result of profit incentives

c. Economies of scale provide large cost advantages to having one firm produce the industry's output

d. Firms naturally maximize regardless of market structure

 

2) A(n) ____ is a single firm with ___, whereas a(n) ___ implies an industry with ____ firm(s) and ____ .

a. Monopoly; barriers to entry; oligopoly; few; no barriers to entry

b. Oligopoly; no barriers to entry; monopoly; many; easy entry and exit

c. Monopoly; barriers to entry; monopolistic competition; many; easy entry and exit

d. Monopolistic competitor; barriers to entry; monopoly; one; barriers to entry

 

3) In monopolistic competition:

a. Each firm produces a product identical to that of every other firm in the industry

b. Firms are aware of their strategic interdependence

c. Firms earn large economic profits in the long run

d. Firms earn zero economic profits in the long run

 

4) A monopolistically competitive industry, such as corn snack chips, and a perfectly competitive industry, like wheat farming, are alike in that:

a. There are many firms in each industry

b. Firms in both types of industries produce similar but not identical products

c. Barriers to entry in both industries are large

d. Firms in both types of industries produce identical products

Perfect competition is characterized by all of the following except: 
 
(i) heavy advertising by individual sellers. 
(ii) homogeneous products. 
(iii) sellers are price takers. 
(iv) a horizontal demand curve for individual sellers. 

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