Competition and Market Structures: Monopolies

Competition and Market Structures: Monopolies

8th - 12th Grade

25 Qs

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Competition and Market Structures: Monopolies

Competition and Market Structures: Monopolies

Assessment

Quiz

Social Studies

8th - 12th Grade

Medium

Created by

Elissa Burgess

Used 175+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A market in which a single seller dominates

monopoly

natural monopoly

license

market power

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is a source of monopoly power?

Scarcity
Elasticity of demand
Barriers to entry
Low Profits

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A barrier to entry is

A law established by the government to protect new industries.

A commitment on the part of big business to allow smaller companies to compete.

An obstacle that prevents additional workers from entering an industry, such as a union.

An obstacle that makes it difficult for new firms to enter a market.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

One of the requirements for a monopoly is that

products are high priced

there are several close substitutes for the product

there is a unique product with no close substitutes

the product cannot be produced by small firms

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A monopolist is

a price taker

able to ignore the demand for its product when setting price

able to set the price for its product

able to earn only a normal profit in the long run

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a monopolist wants to sell a larger quantity, it must

set a higher price

maintain the current price

set a lower price

implement new technology

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In order for a firm to engage in price discrimination, it must be:

producing in the inelastic portion of its demand curve to raise its price and increase total revenue

a price taker

able to separate consumers into different groups

experiencing economies of scale in the relevant range of production

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