Multiple choice need help 31) A perfectly competitive market allows for a business to take control of the entire market’s product prices.
True
False
32) Which of the following is NOT a characteristic of Perfect Competition?
Free market entry and exit
Informed buyers
Involuntary exchange
Identical products
33) Sugar, paper, and gasoline are examples of?
Subsidies
Monopolies
Commodities
All of the above
34) Standard Oil and AT&T were examples of?
Ecosystems
Monopolies
Commodities
None of the above
35) This monopolist created the world’s first billion dollar corporation?
Alexander Graham Bell
John D. Rockefeller
Elizabeth Magie
Andrew Carnegie

36) This law was the first of its kind to prohibit business actions that were deemed “anti-competitive”?
Monopoly Act of 1910
Clayton Act of 1914
Sherman Antitrust Act of 1890
Rockefeller Anti-Competition Act of 1900
37) Which term describes when businesses in the same market work together to set prices and restrict outside competition?
Collusion
Diminishing marginal returns
Price ceiling
Conflict
38) If the price of snowboards rises, which of the following goods will be in greater demand?
Running shoes
Blankets
Hot cocoa
Skis
39) Which of the following is NOT a reason the government uses regulation as a tool to create more competition within business markets?
Create barriers to entry
Break up monopolies
Prevent monopolies
Regulate prices
40) Which term means “reduction of government control over a market”?
Equity
Freedom
Regulation
Deregulation