Which of the following is a characteristic of a monopoly?
A) Many similar firms compete in the same market.
B) Each firm sells a small percentage of the total sold in the market.
C) The market is flooded with companies that sell essentially the same commodity-like product.
D) Companies that dominate the market can set the price by controlling the quantity produced.
E) Customers have many substitutes available and are therefore responsive to changes in price.
Question 2________ refers to a market in which a single company dominates the market or has dominant pricing power.
A) Perfect competition
B) Monopoly
C) Duopoly
D) Oligopsony
E) Oligopoly
Question 3Which of the following is a pricing tactic rather than a pricing strategy?
A) Nertz Toys revamps its distribution process in order to sell its products at lower prices than competitors' products.
B) Royal Chocolates reduces the prices of its products for a week after the holiday season to sell off its excess inventory.
C) RCB prices its products differently in the domestic and foreign markets as it targets different customer segments in both.
D) KayLee Clothing begins to target the teen market as well as the adult market and introduces low-priced product ranges for teens.
E) GTQ sells its clothing range at much higher prices than other retailers, capitalizing on its brand name.
Question 4Which of the following is most likely to be characterized as a monopoly?
A) stock markets
B) local utilities
C) the market for fish products
D) the retail trade
E) the market for basic metals
Question 5________ refers to a market structure in which a few powerful companies dominate the market and react to the strategic and tactical moves of the others.
A) Perfect competition
B) Monopolistic competition
C) Monopoly
D) Oligopoly
E) Monopsony
Question 6Which of the following is categorized under the being and becoming level of the Management Pyramid?
A) establishing strategic alliances with other firms
B) organizing for implementation
C) thinking about the goals of the organization
D) analyzing the environment
E) committing to organizational values
Question 7Which of the following is true of the Christian worldview from a systems perspective?
A) The physical world and the spiritual world form individual systems that are closed to each other.
B) The system of human interactions and concerns is influenced by the larger spiritual system only when humans permit it.
C) The divine system encompasses the spiritual natures of human beings, but not their physical natures.
D) Life is lived within a divinely created system that encompasses all human and physical subsystems.
E) The open system of the spiritual world has no influence on the closed system that constitutes the human experience.
Question 8In nonprofits, the pressures for operating revenue do not subside as the organization becomes prosperous.
Indicate whether the statement is true or false
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