Market Structures
Authored by CHRISTINE DAVIES
Social Studies
7th - 12th Grade
Used 1K+ times
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This quiz comprehensively covers market structures, which is a fundamental topic in economics education appropriate for grades 9-12, with the complexity suggesting upper high school level understanding. Students need to master the four primary market structures: perfect competition, monopolistic competition, oligopoly, and monopoly. The questions assess students' ability to identify the number of firms in each structure, understand barriers to entry, recognize price-setting mechanisms, and analyze real-world examples like utilities, farming, and the soda industry. Students must grasp key concepts including product differentiation, collusion, price-fixing, and the relationship between market power and pricing control. The quiz requires both definitional knowledge and application skills, as students must categorize industries and explain why certain characteristics define each market structure. Created by Christine Davies, a Social Studies teacher in the US who teaches grades 7-12. This quiz serves as an excellent tool for formative assessment, allowing teachers to gauge student understanding of economic market structures before moving to more complex topics like market efficiency or government regulation. The variety of question formats—from basic identification to scenario-based applications—makes it versatile for classroom warmups, homework assignments, or review sessions before unit exams. Teachers can use this quiz to identify misconceptions about market characteristics and provide targeted instruction on areas where students struggle. The content aligns with social studies standards NCSS.D2.Eco.1.9-12 and NCSS.D2.Eco.2.9-12, which focus on analyzing economic decisions and evaluating the role of institutions in market economies.
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27 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
How many firms are there in a perfect competition?
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Why does no one firm dominate in a perfect competition?
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Factors that make it difficult for new firms to enter a market are called
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
How many firms are there in a monopoly?
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Businesses can "Collude" or work together to set prices
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
An industry that is dominated by a few large firms is
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The jeans industry would fall into what type of market structure? ( jeans are similar but there are some differences in the product)
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