Evaluation of Chapter 4- Product Market and Factor Market

Page 117-119

A. Multiple Choice
1. B
2.
3. E
4.
5. A
6. C
7. A
8.
9. B
10. B


B.Essay

1. Explain the types of market according to its structures.

    Answer : #

2. Explain the definition and characteristic of a perfect competition market.

    Answer : -- Perfect competition market is the perfect model of a market.
                   -- The charasteristic by is :
                       1. Infinite buyer
                       2. infinite seller
                       3. Homogenous products
                       4. Free to enter and exit the market
                       5. Buyer and seller function only as the prrice acceptor
3. Explain the meaning of price maker/giver.

4. What a price acceptor means

5. What is teh definition for oligopolistic market

    Answer :  Oligopoly market is a market where there are only a small numbers of frims that dominate the
                    market selling the identical product.

6. Explain the cause of monopolistic market

7. Explain the society's losses as the conquences of monopolistic market? What can goverment do to

    minimiez the losses?

8. Explain how price rigidity happens in an oligopolistic market

9. Explain the charasteristic of monopsony

10. Give some examples on perfect monopolistic,monopolistic,monopolistic competition,and oligopolistic

     market?