Market Structures

Market Structures

12th Grade

17 Qs

quiz-placeholder

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Market Structures

Market Structures

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

Joel Simonds

Used 227+ times

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17 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

In a Perfect Competition, products are basically..

differentiated

identical

similar

opposite

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

In a Perfect Competition, the biggest factor in setting price levels is..

supply/demand

the stock market

celebrity endorsements

price of substitute products

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

In a market that is in Perfect Competition, you would normally find ___

few barriers to entry- easy to enter/exit the market

difficulty in entering the market

government regulations restricting new producers

high taxes and fees making it too expensive to enter

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

In Monopolistic Competition you would find that purchases are made generally based on __

supply/demand

brand loyalty

price

price of substitute products

5.

MULTIPLE SELECT QUESTION

20 sec • 1 pt

The ways in which the competitors try to gain new customers in a Monopolistic Competition is by __

showing their product is superior

using famous spokespeople to endorse their product

better prices

getting the gov't to put competitors out of business

6.

MULTIPLE SELECT QUESTION

20 sec • 1 pt

The main characteristics of a Monopolistic Competition include..

buyers not well-informed on products

strict gov't regulations

buyers purchase based on brand loyalty

producers differentiate their products to show superiority

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

An Oligopoly is when there are

few producers who control the market

only one producer

an open market with plenty of producers

a market that hasn't yet been discovered

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