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PRE-FINAL REVIEW APPLIED ECONOMICS

Authored by Marinelle Lopez

Business, Life Skills, Other

11th Grade - Professional Development

16 Questions

Used 13+ times

PRE-FINAL REVIEW APPLIED ECONOMICS
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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

This refers to the requirements for a large production plants to a feasible operation in the

industry.

Scale barriers

Limited information

Legal barriers

Product Differentiation

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The kind of market structure with a lesser degree of market concentration but still with a

significant market power is observed since few sellers are colluding or forming a cartel to set the

price that would give the maximum profit for the industry.

Oligopoly

Perfect Competition

Monopsony

Monopoly

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

This kind of market structure is considered the most concentrated with a single seller

determining the price that would maximize the profit of the business enterprise.

Oligopoly

Perfect Competition

Monopoly

Monopsony

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

This framework was developed by Michael Porter.

SWOT Analysis

Environmental Scanning

PORTER’S Five Forces

Industry Analysis

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

This refers to the number of sellers and buyers in the market.

Market Entry

Market Structure

Market Concentration

Product Differentiation

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

These are undesirable impacts of external factors because they can potentially impair the

profitability of firms in an industry.

Strengths

Weakness

Threats

Opportunities

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Positive impacts of various external environments on the profitability of an industry.

Strengths

Weakness

Threats

Opportunities

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