Monopolies

Monopolies

Assessment

Flashcard

Social Studies

9th - 12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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10 questions

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1.

FLASHCARD QUESTION

Front

A monopoly is when:

Back

One seller/business dominates an industry.

2.

FLASHCARD QUESTION

Front

Why are geographic monopolies common in small towns?

Back

Small towns usually have just one seller of a given item.

3.

FLASHCARD QUESTION

Front

What can happen when a pharmaceutical company has a technological monopoly on certain medications? Lifesaving medicines may be too expensive to afford. Owning the patent on medicines means other companies may not be able to improve upon them. Generic versions of medicines cannot be produced.

Back

All of the above

4.

FLASHCARD QUESTION

Front

In an oligopoly...

Back

A few sellers dominate the market

5.

FLASHCARD QUESTION

Front

Collusion is...

Back

Illegal, when oligopolists cooperate for their own benefit, and when oligopolists fix prices and harm the consumer and the competition.

6.

FLASHCARD QUESTION

Front

In perfect competition, prices are controlled by

Back

supply and demand

7.

FLASHCARD QUESTION

Front

The only price at which quantity demanded equals quantity supplied is called

Back

equilibrium price

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