Econ Unit 3 Review

Econ Unit 3 Review

11th Grade

42 Qs

quiz-placeholder

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Econ Unit 3 Review

Econ Unit 3 Review

Assessment

Quiz

Social Studies

11th Grade

Medium

Created by

Jeremy I

Used 2+ times

FREE Resource

42 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Having many buyers and sellers, identical products, informed buyers and sellers, and free market entry and exit describes....

Perfect competition

Monopoly

Oligopoly

Monopolistic competition

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What barrier to entry involves expenses that a new business must pay before a product reaches consumers?

Technology

Start-up costs

Payroll

Health insurance

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What barrier to entry involves having some technological know how?

Technology

Start-up costs

Payroll

Health insurance

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do we call it when an industry is dominated by a single seller?

Perfect competiton

Monopoly

Oligopoly

Monopolistic competition

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Natural monopolies are an example of a monopoly that is allowed to exist because they are markets that run best when one firm provides all the supply.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

These are licenses that give inventors exclusive rights to sell their product for a certain period of time

Collusion

Cartel

Patents

Price fixes

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Having many firms, few barriers to entry, slight control over price, and differentiated products all describe...

Perfect competition

Oligopoly

Monopoly

Monopolistic competition

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