Market Structure Test

Market Structure Test

12th Grade

24 Qs

quiz-placeholder

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Market Structure Test

Market Structure Test

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

Tyler Cannon

Used 48+ times

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24 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following are characteristic of a perfectly competitive market EXCEPT

Numerous sellers.

Standardized product

Control over prices

Perfect Information

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following markets most closely resembles perfect competition?

Fast-food restaurant.

Automobiles

Computers

Agriculture

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A solo proprietor means:

An inexpensive product

A system in which two people own a business

A system in which only one person owns a business

An area of economics meaning results only affect one person

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following are characteristics of a monopoly EXCEPT

There is only one seller

There are no close substitutes

There are high barriers to entry

A monopoly has no control over price

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An example of a barrier to entry is:

Control of a resource.

Low start-up costs.

A market with imperfect competition

Government deregulation.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a company enjoys economies of scale...

As production increases, cost per product increases.

As production increases, marginal revenue increases.

As production increases, fixed cost increases.

As production increases, cost per product decreases.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A single gas station along a lonely road in the desert is an example of a?

Technological monopoly.

Government monopoly.

Geographic monopoly.

Natural monopoly.

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