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15. Fill in the blanks with the Vocabulary on the text.

1. Honestly evaluating your … will help you better understand your own … or … .

2. Evaluating your competition it is necessary … the internal strength of your … companies.

3. In a perfect … competition is … and sellers are numerous.

4. A perfectly … market is a market in which every firm is too small … the market price.

5. A monopolist is a single seller with … control over an industry.

6. Legal monopolies … when the law of a country … certain producers a full monopoly over the sale of their own products.

7. Exclusive monopolies are … today.

Prompts: occur, unrestricted, market, competition, rare, product, to affect, to estimate, permits, service, competitors’, complete, competitive.

16. Find in the text definitions of the following:

imperfect competition, a monopolist, state planning.

17. Answer the questions on the text. Use the following expressions to begin your answer:

  • The text tells the readers

  • I suppose …

  • I think …

  • I am certain that …

  • If I got it right …

  • It seems to me …

  • In my opinion …

1. What will help you better understand your own product or service?

2. What do the components of customer preference include?

3. Why is it necessary to estimate the internal strength of your competitors’ companies?

4. Which companies will prove to be tough, enduring competition?

5. What is a perfectly competitive market?

6. Where does imperfect competition prevail?

7. What is a monopoly?

8. What is the origin of the word “a monopolist”?

9. What are the kinds of monopoly?

10. What do state planning and central control of economy mean?

11. What are the features of legal monopolies?

12. Which monopolies can be called exclusive ones?

18. Agree or disagree. Correct wrong statements.

1. The components of customer preference include production, service and distribution.

2. Significant financial resources are the only reason of tough, enduring competition.

3. The firm which can appreciably affect the market price is classified as an “imperfect competitor”.

4. Imperfect competition prevails in an industry which has absolute control over the price of its product.

5. A monopoly is the only one producing in the industry and there is no industry producing a substitute.

6. Natural monopolies have control over major natural resources or important services.

7. The Egyptian ownership of the Suez Canal is an example of legal monopoly.

8. Legal monopolies occur when the law of a country permits certain producers a full monopoly over the sale of their products.

9. Exclusive monopolies are very often met today.

19. Complete the following sentences according to the text.

1. Honestly evaluating your competition …

2. The components of customer preference …

3. Our strict definition of a perfectly competitive market is …

4. If a firm can appreciably affect …

5. Imperfect competition prevails …

6. Imperfect competition does not imply that …

7. State planning and central control …

8. Legal monopolies occur when …

9. In the long run, no monopolist is …