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Tatiana [17]
2 years ago
7

CHAPTER 8, TEST A

Business
1 answer:
Fynjy0 [20]2 years ago
5 0

The marking of the statements 1-18 as true or false is as follows:

1. <u>True</u>.  The main similarity among the four market structures is the existence of buyers and sellers.

<h3>What are the four market structures?</h3>

The four market structures are:

  • Perfect competition
  • Monopolistic competition
  • Oligopoly
  • Monopoly.

They all have buyers and sellers, though, the number differs from one to the other.

2. <u>True</u>. In a perfectly competitive market, buyers and sellers have relevant information about prices, product quality, and sources of supply.

3. <u>True</u>. The stock market is an example of a perfectly competitive market.

4. <u>True.</u> If a perfectly competitive market doesn't satisfy all four characteristics 100 percent, then it is not a perfectly competitive market.

5. <u>True</u>. Profit attracts new firms into the perfectly competitive market.

6. <u>False</u> because there is no ease of entry into a monopolistic market.

7. <u>False</u>.  It is not important to a monopolist to search out the best price through trial and error.

8. <u>True</u>.  In some towns, cable television providers and trash collectors are monopolists.

9. <u>False</u>. Copyright is not required on medicine to protect a pharmaceutical company from competitors.  But a patent is required because copyrights are for intellectual property rights.

10. <u>False</u>. Patents are usually granted for 20 years and not five years.

11. <u>True</u>. Barriers to entry limit potential competition.

12. <u>True</u>. Owning all of a scarce resource can allow a firm to operate as a monopoly without legal protection.   This is regarded as a natural monopoly.

13. True.  Antitrust laws are meant to control monopoly power and promote competition.

14. True. The Sherman Act prohibits anti-trust actions, which restrain trade.

15. <u>True</u>. A natural monopoly exists when a firm's product is made with resources provided by nature.

16. <u>True</u>. The U.S. Supreme Court decides some antitrust cases.

17. <u>True</u>. The term colluding refers to making secret agreements that reduce competition.

18. <u>True</u>. Taxi and limousine service in New York City is relatively inexpensive due to the ease of entry into that market.

Thus, the marking of statements 1-18 as true or false is completed.

Learn more about monopolies and anti-trust acts at brainly.com/question/8379521

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