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Market Structure_Part 1

Authored by Dori Caneso

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Professional Development

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Market Structure_Part 1
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10 questions

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1.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

What is NOT a characteristic of a Perfect Competition?

A large number of firms in the market

An undifferentiated product

Ease of entry into the market or no barriers to entry

Incomplete information available to all market participants

2.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

In Perfect Competion, firms cannot make their own independent production decisions and force the price that is established in the market by the overall forces of demand and supply.

True

False

3.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

An example of a Monopoly is the agricultural market in our country.

True

False

4.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

An example of a Perfect Competition is the shampoo and conditioner market in our country.

True

False

5.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

What is NOT a characteristic of a Monopoly

Tendency to have normal profits

Strong barriers to entry

Has a unique product

Price Maker

6.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Products in a Monopoly market structure have no close substitutes

True

False

7.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

This is a market structure in which a single buyer substantially controls the market as the major purchaser of goods and services offered by many would-be sellers

Monopoly

Monopsony

Oligopoly

Perfect Competition

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