
Market Structure Test Review
Authored by Brendon LaPoe
Social Studies
10th - 12th Grade
Used 4+ times

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36 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
All of the following are characteristics of a perfectly competitive market EXCEPT
numerous sellers.
standardized product.
limited entry and exit.
no long-run economic profits.
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
The sum of all individual supply curves in a market is the
normal supply curve.
industry supply curve.
inelastic supply curve.
long-run supply curve.
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
If a perfectly competitive firm is making an abnormal profit in the short run, it is certain that
new firms will enter the market until no firms make an abnormal profit.
its profits in the long run will be higher than in the short run.
the industry is no longer a perfectly competitive industry.
the firm will be sued under antitrust laws.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following markets most closely resembles perfect competition?
Fast food restaurants
Automobiles
Agriculture
Computers
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A price-taking firm
colludes with its competitors to decide upon a price.
has the ability to raise or lower its price in order to increase profits.
will often set its price below the market equilibrium price.
cannot affect the market price of its product.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The demand curve faced by an individual firm under perfect competition is
perfectly elastic (flat).
mostly elastic.
mostly inelastic.
perfectly inelastic (straight up and down).
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Law of Diminishing Returns to an Input states that as the number of a particular input increases,
total product will eventually diminish to zero.
each additional unit will result in an identical addition to total product.
each additional unit will eventually result in a smaller marginal product.
each additional unit will eventually result in a larger marginal product.
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