
Econ Chapter 7.1 - 7.3 Quiz
Authored by Alexander Gray
Social Studies
12th Grade
Used 39+ times

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16 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How many firms are there in a perfectly competitive market?
many
one
two
a group of 20
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes the products sold in a perfectly competitive market?
slight differences between products
entirely different products
products protected by a 20-year patent
identical products
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In which of the following markets are firms said to be "price takers"?
monopoly
oligopoly
monopolistic competition
perfectly competitive
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following markets represents the concept of perfect competition the best?
energy market
tennis shoe market
tomato market
cell phone market
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following describes a perfectly competitive market?
very difficult entrance into the business
very few barriers to entry
need for specialized patents to be able to produce
need collusion to set prices
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one positive application of a monopoly in the economy?
provide essential service free market fails to provide
erect high barriers to competition
to establish one producer controlling prices
to price gouge consumers
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes a monopoly?
a few producers who compete for consumer demand
infinite producers with little share in market prices
many firms in a market trying to undercut prices
market with only one producer with no close substitutes
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