Question

1)A ___________ industry has a relatively small number of firms that dominate the market.

Group of answer choices

A. monopolistic

D. contestable

B. concentrated

C. monopolistically competitive

2)Barriers to market entry include all except which one of the following?

Group of answer choices

A. Patents

C. Similarity is cost structure across firms

D. Sunk costs

B. Copyrights

3)Which of the following is a determinant of market structure?

Group of answer choices

D. The possible influence of the smallest firms

B. Economies of scale

A. The influence of small firms

C. The possible influence of medium size firms

4)What have studies shown about the effects of barriers to market entry?

Group of answer choices

D. It has indicated a lack of good data.

B. Barriers greatly impacted market structure.

C. Data has indicated that barriers impact very little change over time.

A. Barriers have not affected markets

Answer 1

1) Option B :- Concentrated

A Concentrated industry has a relatively small number of firms that dominate the market

• It is an industry where there will be few firms where they have a large amount of market share.

2) Option C :- Similarity is cost structure across firms

• The Similarity is cost structure across firms is not a barrier to entry
• Patents, sunk costs and copyrights are barriers to entry into market

3) Option B :- Economies of scale

• Economies of scale is a determinant of market structure.
• From the operation in large scale, there will be cost benefit and that cost benefit is the economies of scale.
• This obviously reflect the market structure.

4) Option B

• Barriers greatly impacted market structure.

Thanks