Multiple Choice:1) Which of the following is a characteristic of pure monopoly?A. close substitute productsB. barriers to entryC. the absence of market powerD. "price taking"2) An example of a monopoly would beA) one of many U.S. wheat farmers.B) one of the few U.S. auto makers.C) AT&T cell phone service.D) the local water company.3) In which market structure do firms exist in very large numbers, each firm produces an identical product, andthere is freedom of entry and exit?A) monopolyB) oligopolyC) only perfect competitionD) only monopolistic competitionE) both perfect competition and monopolistic competition A) farmingWhich of the following is the best example of a perfectly competitive market?diamondsB)C) athletic shoesD) soft drinksE) electricity distributionA) 1.5) The Herfindahl-Hirschman Index for a monopoly is always equal toB) 100.C) 10,000.D) undefined.6) The Herfindahl-Hirschman Index is definitely larger in aA) monopoly; perfectly competitiveB) monopolistic competitive; monopolyC) perfectly competitive; monopolyD) perfectly competitive; monopolistic competitive7) If Marginal Product (MP) is equal to zero, then Total Product isA) NegativeB) Positive and decreasingC) At a maximumD) Indeterminate8) Sam Lewis owns a firm in New York City's garment district. If Sam keeps adding workers to use the samenumber of sewing machines, eventually the workplace will become so crowded that workers will get in eachother's way. At this pointmarket than in aA) the marginal product of labor in Sam's business would be negative and his total output would decrease.B) Sam should encourage his workers to share their sewing machines.C) Sam's business will be in violation of safety rules that have been established by the New York Citygovernment.D) Sam should begin using a division of labor in his business.A) the marginal product of labor.B) the division of labor.9) The total output produced by a firm divided by the quantity of workers employed by the firm is thedefinition ofC) the average product of labor.D) the average cost of production.market.10) If the marginal product of labor is equal to zero, then the total product curve isA) increasingB) at a maximumC) decreasingD) more information is needed.

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Multiple Choice: 1) Which of the following is a characteristic of pure monopoly? A. close substitute products B. barriers to entry C. the absence of market power D. "price taking" 2) An example of a monopoly would be A) one of many U.S. wheat farmers. B) one of the few U.S. auto makers. C) AT&T cell phone service. D) the local water company. 3) In which market structure do firms exist in very large numbers, each firm produces an identical product, and there is freedom of entry and exit? A) monopoly B) oligopoly C) only perfect competition D) only monopolistic competition E) both perfect competition and monopolistic competition