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1. Which one of the following is not typical of firms in a
perfectly competitive industry?

A) They set the prices that maximize profits

B) they do not need to worry about what other firms in the
market are charging for their product

C ) they can exit and enter the industry easily

D) they produce a standardized product

2. A lot of money is spent on advertising and packaging in which
type of Industry?

A) differentiated competition B) oligopoly C) Pure Competition
D) pure monopoly

3. Monopoly Industries have legal barriers in place to maintain
Monopoly Revenue. Which among the following is not a form of a
barrier to enter the inustry?

A) Sherman Act (law that restricts horizontal mergers and
acquisitions)

B) CPA exams (that restrict and control the amount of public
accountants)

C) Bar exams (that restrict and control the amount of
lawyers)

D) Medical licensing examinations

4. price leadership is most often found in which type of
Industry?

A) differentiated competition B) oligopoly C) Pure Competition
D) pure monopoly

5. which is a feature of a perfectly competitive market?

A) products are standardized or homogeneous

B) significant barriers to entry in the industry

C) the industry demand curve is perfectly elastic

D) price differences exist between firms producing the same
product