Market Structures Test

Market Structures Test

9th - 12th Grade

20 Qs

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Market Structures Test

Market Structures Test

Assessment

Quiz

Social Studies

9th - 12th Grade

Practice Problem

Medium

Created by

Alan Green

Used 87+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This market structure has many firms, identical products, no barriers to entry, & price takers

Perfect Competition

Monopoly

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In this market, one firm controls the market, there are very high barriers to entry, price makers, & there are no available substitutes

Perfect Competition

Oligopoly

Monopoly

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This market has some 25-75 firms selling slightly differentiated products, some price control, & low barriers to entry

Oligopoly

Monopoly

Monopolistic Competition

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In this market, 2-24 firms control the market, products can be slightly differentiated, there are high barriers to entry, & lots of control over price

Monopoly

Oligopoly

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a formal organization of producers that agree to coordinate prices and production...

Monopoly

Oligopoly

Cartel

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Non-price Competition is...

a market that runs most efficiently when one large firm supplies all of the output; when competition would create chaos

a formal organization of producers that agree to coordinate prices and production

competing on a basis other than price such as fragrance, location, color

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Natural Monopoly is...

25-75 firms selling slightly differentiated products; some price control; low barriers to entry

a market that runs most efficiently when one large firm supplies all of the output; when competition would create chaos

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