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Monopolies and Perfect Competition

Authored by William Ormerod

Social Studies

9th - 12th Grade

Used 7+ times

Monopolies and Perfect Competition
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30 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is industry?

It is the demand side of the market.
It is the theoretical side of the market.
It is the supply side of the market.
It is the competitive side of the market.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is pure competition?

A theoretical market structure with very large numbers and identical products
A theoretical market structure with identical products, and freedom of entry and exit
A theoretical market structure with identical products, very large numbers, and freedom of entry and exit
none of the above

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which market structure involves selling identical products?

Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In perfect competition, prices are controlled by

supply and demand

buyers

sellers

government

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is oligopoly?

It is a market structure in which products are always similar.
It is a market structure in which a very few large sellers dominate the industry.
It is a market structure in which one seller controls the industry.
It is a market structure in which prices are similar between sellers.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a characteristic of a pure monopoly?

many sellers of the good or service

only one seller of the good or service

many substitutes for the good or service being sold

no barrier to entry

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A market in which a single seller dominates

monopoly

natural monopoly

license

market power

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