Market Competition

Market Competition

10th - 12th Grade

11 Qs

quiz-placeholder

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Market Competition

Market Competition

Assessment

Quiz

Social Studies

10th - 12th Grade

Medium

Created by

Mike Abell

Used 5+ times

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11 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which market structure is there the LEAST competition?

Monopoly
Oligopoly
Monopolistic Competition
Perfect Competition

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which market structure is there the MOST competition?

Monopoly
Oligopoly
Monopolistic Competition
Perfect Competition

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In perfect competition, the product is differentiated

True
False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is not part of perfect competition?

buyer/ seller are well informed
sellers cannot enter/ exit market easily
low prices
few barriers of entry

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a major car company lowers its prices, other car makers will probably 

maintain existing prices.
raise their prices.
go out of business.
lower their prices.

6.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

The effort by sellers to secretly set production levels or prices is called

collusion
price leadership
compliance
nonprice competition

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Perfect competition is characterized by

a large number of sellers and buyers.
diverse products.
sellers acting together to set prices.
uninformed buyers and sellers.

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