Economics Chapter 7 Test

Economics Chapter 7 Test

9th - 12th Grade

25 Qs

quiz-placeholder

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Economics Chapter 7 Test

Economics Chapter 7 Test

Assessment

Quiz

Social Studies

9th - 12th Grade

Practice Problem

Medium

Created by

Spencer Pybus

Used 68+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A product that consumers see as the same, regardless of the producer

Differentiated product
Similar product
Standardized product

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is the best example of a standardized product?

Car
Boots
Cereal
Skim Milk

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A business that cannot set the prices itself, but accepts the market price

Price maker
Price taker
Monopoly
Cartel

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Only one seller sells a product for which there are no close substitutes

Monopoly
Oligopoly
Monopolistic competition
Perfect competition

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Exists when many sellers offer similar, but not standardized products

Monopoly
Oligopoly
Monopolistic Competition
Perfect Competition

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The least competitive market structure

Monopoly
Oligopoly
Monopolistic competition
Perfect competition

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Formal organization of sellers that agree to act together to set prices and limit output

Monopoly
Price maker
Oligopoly
Cartel

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