Market Structure_Part 1
Authored by Dori Caneso
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Professional Development
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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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