
Chapter 7 Economic Systems
Authored by Nate TeSlaa
Social Studies
11th - 12th Grade
26 Questions
Used 6+ times

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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A market structure where a large number of firms all produce the same product and no single seller controls supply or price
Perfect Competition
Commodity
Barrier to Entry
Imperfect Competition
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A product that is considered the same no matter who produces or sells it.
Perfect Competition
Commodity
Barrier to Entry
Imperfect Competition
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Any factor that makes it difficult for a new firm to enter the market
Perfect Competition
Commodity
Barrier to Entry
Imperfect Competition
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A market structure that fails to meet the conditions of perfect competition.
Perfect Competition
Commodity
Barrier to Entry
Imperfect Competition
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A market structure where a single seller dominates
Monopoly
Economies of scale
natural Monopoly
government monopoly
patent
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
factors that cause a producer's average cost per unit to fall as output rises
Monopoly
Economies of scale
natural Monopoly
government monopoly
patent
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A market that runs most efficiently when one large firm supplies all of the output
Monopoly
Economies of scale
natural Monopoly
government monopoly
patent
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