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7.1 Perfect Competition

7.1 Perfect Competition

Assessment

Presentation

Social Studies

12th Grade

Practice Problem

Easy

Created by

Laura Metzler

Used 4+ times

FREE Resource

11 Slides • 8 Questions

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Open Ended

What type of competition do you face in your daily life? How is competition related to economics?

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Multiple Select

What are the conditions of a perfectly competitive market? (Check all that apply)

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many buyer and sellers

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sellers offer identical products

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buyers and sellers are well informed about products

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seller are able to enter and exit the market freely

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Match

Match the correct terms.

a market structure in which a large number of firms all produce the same product

a product that is the same no matter who produces it

any factors that make it difficult for new firms to enter a market

market structure that does not meet the conditions of perfect competition

perfect competition

commodity

barrier to entry

imperfect competition

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Multiple Choice

Which of the following is an example of pure competition?

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jewelery

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oranges

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art

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antiques

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Multiple Choice

Which of the following is an example of a barrier to entry?

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start-up costs

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government regulation

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excess monetary funds

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commedities

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Multiple Choice

Why must perfectly competitive markets always deal in commodities?

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entrepreneurial costs

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identical products are required

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products are limited to supply

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issues with barriers to entry

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Multiple Choice

All of the following are conditions for perfect competition except ____________.

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buyers must follow government regulation

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sellers offer identical products

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buyers and sellers are well informed on products

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sellers are able to enter and exit freely

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Multiple Choice

___________ is a market structure that does not meet the conditions of perfect competition.

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Commodities

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A disequilibrium

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Imperfect competition

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Price supports in industry

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