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AQA Microeconomics- Market Structures Comparison

Authored by J Oliver

Social Studies

11th Grade

Used 11+ times

AQA Microeconomics- Market Structures Comparison
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Use the following statements to answer this question:

I. Markets that have only a few sellers cannot be highly competitive.

II. Markets with many sellers are always perfectly competitive.

I and II are true.

I is true and II is false.

II is true and I is false.

I and II are false.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The shaded area in the graph shows:

the increase in profit when output is reduced from 8 to 7 units of output.

the profit that could be made if output increases from 7 to 8 units of output.

the deadweight loss associated with the power of the price taking firm.

the amount of profit when 8 units of output are produced.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In monopolistic competition there are many buyers and sellers

True
False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which market structure is there the LEAST competition?

Monopoly
Oligopoly
Monopolistic Competition
Perfect Competition

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which scenario is an example of a monopoly? 

A local water company is the sole provider of water for a small town.
A dry cleaner specializes in environmentally friendly cleaning methods.  
A farmer produces green beans for sale at a farmer's market.
A small number of cereal companies produce most of the cereal on the market.

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

This market structure has 3-4 firms who dominate 70-80% of the industry. 

Monopoly
Monopolistic Competitio
Perfect Competitio
Oligopoly 

7.

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

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