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Multiple Choice Questions 1. Oligopoly means A) one seller. B) two sellers. C) a few sellers. D) a regulated utility. E) none of the above. 2. When economists urge the federal government to attempt to eliminate monopoly, they do so mainly in order to: A) prevent the growth of big business. B) expand public utilities. C) prevent small firms from decreasing in number. D) restrain conglomerates. E) ensure competition. 3. Monopoly means: A) one seller. B) two sellers. C) a few sellers. D) many sellers. E) none of the above. 4. Which of the following signify the degree of control that a single firm or small number of firms have over the price and production decisions in an industry? A) Market power B) Market share C) Market measure D) Market competition E) none of the above 5. Oligopoly is a market situation with: A) the consumers' best interest at heart. B) no competition. C) a single buyer. D) only a few competing sellers. E) only a few competing buyers. 7