Unit 4 Market Structures and Competition Online Test

Unit 4 Market Structures and Competition Online Test

Assessment

Quiz

Social Studies

KG - University

Medium

Created by

Brian Dinkelman

Used 69+ times

FREE Resource

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46 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which is NOT a characteristic of a monopoly?
Seller sets the market price
Entry into the market is easy
Firm sells a unique product
One seller

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Perfect competition involves:
Sellers working together to set prices
A large number of buyers & sellers
Difficulty entering & exiting the market
Little information is available to buyers

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The market for milk is an example of perfect competition. Why?
Sellers offer a nearly identical product
Anyone can start a dairy farm or leave the dairy business at any time
Many people buy and sell milk
All of the above

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

List the four market structures in order from least competitive to most competitive.
Oligopoly, Monopoly, Perfect Competition, Monopolistic Competition
Perfect Competition, Oligopoly, Monopoly, Monopolistic Competition
Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition
Monopoly, Monopolistic Competition, Perfect Competition, Oligopoly

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If a major car company such as Ford lowers their prices, what are other car companies likely to do?
Raise their prices
Go out of business
Maintain their current prices
Lower their prices

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

There are many sellers of blue jeans.  Each blue jean seller makes their product slightly different to set it apart from others. There is free entry and exit into the blue jean market. Which market structure does this describe?
Perfect Competition
Oligopoly
Monopoly
Monopolistic Competition

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Someone who enjoys the benefit of a good or service without paying for it. (Mr Macerata and NPR )
Dead Weight Loss
Oligopoly
Free Rider 
Free loader 

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