II.Cloze (15 minutes,20 points)

II.Cloze (15 minutes,20 points)
Requirements:There are 10 blanks in the following passage.Complete the passage with the words in the frame.One word can only be chosen once.
supply monopoly similar competitive supernormal
catering high reasonable competition poor
Potential Competition
In recent years,economists have developed the theory of contestable markets.This theory argues that what is crucial in determining price and output is not whether an industry is actually monopoly or ___11__,but whether there is the real threat of competition.
If a __12___ is protected by high barriers to entry ─say,that it owns all the raw materials ─ then it will be able to make __13___ profits with no fear of __14___.
If however,another firm could take over from it with little difficulty,it will behave much more like a competitive firm.The threat of competition has a __15___ effect to actual competition.
As an example,consider a catering company that is given permission by a factor to run its canteen.The ___16__ company has a monopoly over the ___17__ of food to the workers in that factory.If,however,it starts charging __18___ prices or providing a __19___ service,the factory could offer the running of the canteen to an alternative catering company.This threat may force the original catering company to change “__20___” prices and offer a good service.

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