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Competitive markets

Authored by Iffat Wafa/TCHR/BMBRC

Other

9th - 11th Grade

Used 6+ times

Competitive markets
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The greater the competition in market, the greater the profit

True

False

Neither

2.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

The non-price determinants of market supply include the following;

Costs of factors of production

Marketing

Competitive supply

The number of firms

Access to natural resources

3.

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.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Several years ago, Alcoa was effectively the sole seller of aluminum because the firm owned nearly all of the aluminum ore reserves in the world. This market was not perfectly competitive because this situation violated the:

A) price-taking assumption.

B) homogeneous product assumption.

C) free entry assumption.

D) A and B are correct.

E) A and C are correct.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Imposition of an output tax on all firms in a competitive industry will result in:

a downward shift in each firm's average cost curve.

a leftward shift in the market supply curve.

the entry of new firms into the industry.

higher profits for the industry as price rises.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The idea of perfect competition is describes as which of the following?

A market structure in which consumers and sellers respond to regulations imposed upon the market

An ideal market structure in which consumers and sellers producers each compete directly and fully under the laws of supply and demand

A market structure in which a few large firms control the means of production

A market in which a single firm controls the competition, sets prices, and owns all means of production.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Which of the following explains why products must be identical in a Perfect Competition market?

So that consumers are comparing "apples to apples," and decisions are made on price only

So that producers can make better decision on price

So that consumers are not confused by the many options available

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