
Econ Unit 3 Review
Authored by Daniel Hollenbaugh
Social Studies
12th Grade
Used 7+ times

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38 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Which of the following best describes an oligopoly?
many monopolistically competitive firms
a few firms sharing monopoly power
a former monopoly that has been broken up by the government
a government-granted franchise or monopoly
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Collusion most frequently occurs in industries that are
oligopolistic
monopolistically competitive
monopolistic
perfectly competitive
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Which of the following is best considered to be a monopoly?
Market for computer operating systems
Restaurant industry
Market for televisions
Vegetable market
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This type of monopoly occurs because there isn't enough profit in the market for multiple firms to recoup their fixed costs
Natural Monopoly
Technological Monopoly
Geographic Monopoly
State Monopoly
5.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Perfect competition is characterized by
6.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The airline industry is most likely in the market structure called
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Price fixing and collusion often occur in this type of market structure
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