Chapter 9 Competition and Monopolies   1. In order for perfect competition to exist, all of the following conditions must be met EXCEPT for __________     a) a single seller who controls the price of a good or service.     b) a large market selling similar products.     c) easy entry and exit.     d) easily attainable information.   2. Agriculture is an example of perfect competition because __________     a) individual farmers exert control over the market prices of their goods.     b) demand for some agricultural products, such as wheat, is elastic.     c) demand for some agricultural products, such as wheat, is inelastic.     d) the costs of renting farmland is relatively high, making entry into the market difficult.   3. Perfect competition benefits society in all the following ways EXCEPT __________     a) intense competition forces prices down.     b) the advertising that differentiates the products provides information for consumers.     c) the price the consumer pays is a correct signal about the value of the product.     d) society enjoys efficient allocation of productive resources.   4. A pure monopoly is a market structure that has all of the following characteristics EXCEPT __________     a) a single seller controls the supply and the market price of a good or service.     b) the market price of the good or service is controlled by competition.     c) the market is protected by barriers to entry.     d) there is no adequate substitute for the good or service.   5. A form of imperfect competition in which a few companies with nearly identical products compete is called ___________     a) an oligopoly.     b) a government monopoly.     c) a geographic monopoly.     d) monopolistic competition.   6. Which of the following is NOT a characteristic of monopolistic competition?     a) numerous sellers     b) relatively easy entry into the market     c) nonprice competition     d) identical products   7. An "interlocking directorate" occurs when ___________     a) one corporation joins with another corporation.     b) competing corporations have completely separate and distinct boards of directors.     c) some members of the boards of directors of competing corporations are the same.     d) a corporation sells the same goods to different buyers at different prices.   8. The purposes of government antitrust legislation are all of the following EXCEPT ___________     a) to force monopolies to act more competitively.     b) to encourage corporate mergers.     c) to prevent new trusts from forming.     d) to break up trusts that already exist.   9. In general, the effect of government deregulation of the 1980s and 1990s was to ___________     a) increase competition and decrease consumer prices.     b) increase competition and increase consumer prices.     c) decrease competition and decrease consumer prices.     d) decrease competition and increase consumer prices.