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I. Complete the words below to match the following meaning.
| 1. | A special right given to an inventor to be the only person to make and sell a machine or process. | p….t | |||
| 2. | The situation in the market in which there is only one seller of a commodity. | m……y | |||
| 3. | Laws which make it illegal to form large combinations of existing commercial and industrial organizations or any new concerns having the effect of setting up monopolies which kill healthy competition. | a……t l..s | |||
| 4. | A legal right, possessed by no one else, of publishing or reproducing a literary, artistic or musical work, and of preventing anyone else from doing so. | c…….t | |||
| 5. | Rivalry between business concerns in the same market. | c………n | |||
| 6. | The amount of money for which an article or commodity can be bought or sold. | p…e | |||
| 7. | A person whose wants are satisfied by producers. | c……r | |||
| 8. | A state of competition in which the price of a good is the same throughout the market. | p…..t c………n | |||
| 9. | A person who purchase, as opposite to one who sells. | b…r | |||
| 10. | A state of competition in a market in which there is neither pure competition nor pure monopoly. | i…….t c………n | |||
| 11. | Making one’s product as different as possible from its competitors. | p…..t d………….n | |||
| 12. | Production of useful goods by the organized use of capital and labour. | i…….y | |||
| 13. | Making a product or service known to the public in order to sell it. | a………g | |||
| 14. | Rival in business. | c……..r | |||
| 15. | A market in which there are only a few sellers. | o…….y | |||
| 16. | A monopoly that exists because the entire demand for a product can be supplied by one producer producing on the smallest scale that is commercially possible. | n…..l m…….y | |||
| 17. | A special mark that is placed on a particular brand of article to distinguish it from similar goods sold by other producers. | t…….k | |||
| 18. | A state of competition in a market in which there are only a few producers who can force buyers to accept their price. | m……….c c……….n | |||
II. Choose the correct variant:
1. Economists generally agree that there are … major degrees of competition resulting in different market structures.
a. three b. five c. four d. six
2. Monopoly is a market in which there is … seller.
a. a lot of b. only one c. great many d. a few
3. The laws of supply and demand operate only under conditions of ….
a. monopoly b. oligopoly c. perfect competition d. monopolistic competition
4. There are no barriers to enter or exit the market in the …
a. monopoly b. oligopoly c. perfect competition d. monopolistic competition
5. In a … a large number of firms produce similar but not identical products.
a. monopoly b. oligopoly c. perfect competition d. monopolistic competition
6. The process of creating … in products is known as product differentiation.
a. similarity b. uniqueness c. difference d. loyalty
7. A limited number of leading firms produce a particular brand product in the ….
a. monopoly b. oligopoly c. perfect competition d. monopolistic competition
8. …is defined as a single firm producing a product, for which there are no close substitutes.
a. monopoly b. oligopoly c. perfect competition d. monopolistic competition
9. …is a market dominated by a few large suppliers.
a. monopoly b. oligopoly c. perfect competition d. monopolistic competition
10. Competing firms are unable to enter the market where a … exists.
a. monopoly b. oligopoly c. perfect competition d. monopolistic competition
11. Marketis an actual or nominal place where forces of demand and supply operate, and where buyers and sellers ….
a. buy b. sell c. interact d. supply
12. In most economic systems consumers and producers exchange their goods and services in many … markets.
a. various b. different c. open d. competitive
13. The laws of supply and … operate only under conditions of perfect competition.
a. demand b. price c. quantity demanded d. quantity supplied
14. Perfect competition and perfect competitive markets exist in … businesses and industries.
a. many b. a few c. different d. various
15. The market structure called by many economists as … competition consists of industries and markets that fall in between two extremes of perfect competition and pure monopoly.
a. perfect b. imperfect c. pure d. monopolistic
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