Chapter 9 Post Quiz
Imperfect Competition and Its Polar Case of Monopoly

Matching Questions:

Match the terms on the left with the definition in the column on the right. Enter the lowercase letter of that definition in the box to the left of the question number.

	1. Imperfect competition	a. Individual sellers have control over the price of the goods or services they produce.
	2. Downward sloping demand curve	b. A barrier to entry.
	3. Monopoly	c. A market with only a few producers.
	4. Oligopoly	d. Marginal revenue becomes negative in this portion of the demand curve.
	5. Monopolistic competition	e. A market in which there is only one producer because the entire market's output can be produced most efficiently by that one firm.
	6. Natural monopoly	f. The demand curve faced by producers under imperfect competition.
	7. High costs of entry	g. The profit maximization point under imperfect competition.
	8. Marginal revenue	h. Individuals will maximize their incomes, profits, or utility by counting only the marginal costs and marginal benefits of a decision.
	9. Inelastic	i. A market structure with many sellers who produce differentiated products.
	10. TR	j. Will increase when price increases in the inelastic portion of the demand curve.
	11. MR=MC	k. A market with only one producer.
	12. Monopolist's price	l. The change in revenue associated with an additional unit sold.
	13. Marginal principle	m. Found on the demand curve at the level of Q where MR=MC.
	14. Same slopes	n. The total revenue and total cost curves will have these at the profit maximizing level of output.