Competition and Monopolies

Competition and Monopolies

11th - 12th Grade

28 Qs

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Competition and Monopolies

Competition and Monopolies

Assessment

Quiz

Social Studies

11th - 12th Grade

Medium

Created by

Matt Burleson

Used 48+ times

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28 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

Why does no one firm dominate in a perfect competition?

No firm wants to

Each firm sells to different people

Each firm produces exactly the same towards total supply that they cannot influence prices

One firm will eventually dominate and make it a monopoly

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

It is usually very difficult to enter a market that is a monopoly.

True
False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A monopoly created by the administration.

government monopoly

market power

monopoly

natural monopoly

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