1. When compared to a perfectly competitive market structure, a monopoly makes it more difficult for firms to enter the marketplace. True
False

2. Why is a seller in a monopoly referred to as a price maker rather than a price taker?

3. When compared to a monopoly, which of the following best describes an oligopoly:
A) It is less competitive.
B) It is more competitive

4. Which of the following is true concerning an oligopoly:
A) One seller controls the price of the goods within a particular industry.
B) An oligopoly only offers identical products.
C) An oligopoly's largest firms act as price takers.
D) When the largest companies raise prices, the others usually follow.