Why do producers initially enter a market?
OCR GCSE Economics - 2.5 - Competition

Quiz
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Other
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10th Grade
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Medium
Ally Peake
Used 179+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To survive in a market
To increase supply of goods
Because they want to
Because the market needs more producers
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an oligopoly?
Where one firm dominates a market
Where a small number of firms dominate a market
Where there are many firms and lots of competition
Where producers sell products that are differentiated from one another and hence are not perfect substitutes
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is productivity measured?
Total input/total output
Total output/total output x 100
Total output x total input
Total output/total input
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A rise in the standard of living can be brought about by a decrease in production
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can you increase productivity?
Increase in wages
Workers specialising
Better healthcare
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Bob and Susie are sick of the bad service of Costa and hate the high prices of Starbucks. They want to start their own coffee shop - 'Bob and Susie's Coffee!' What are their challenges in entering the market?
Receiving a patent
Sole ownership of necessary resources
Start-up costs are too high
They don't like coffee
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The average price of mobile phones suddenly drops by £30. Which of these answers could not be true?
There was a major technological advance
The supply curve for the mobile phone industry would shift to the right
Demand for household phones would increase
Demand for mobile phones would increase
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