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Microeconomics Review

Authored by Austyn Belcher

Social Studies

9th Grade

Used 3+ times

Microeconomics Review
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36 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

This market structure is characterized by the lowest level of competition among producers.

monopolistic competition

monopoly

oligopoly

perfect competition

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

An industry or market that is dominated by a few firms is

a Monopoly

an Oligopoly

a Competitive market

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The jeans industry would fall into what type of market structure? ( jeans are similar but there are some differences in the product)

monopoly
oligopoly
perfect competition
monopolistic competition

4.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Which scenario is an example of a monopoly? 

A local water company is the sole provider of water for a small town.
A dry cleaner specializes in environmentally friendly cleaning methods.  
A farmer produces green beans for sale at a farmer's market.
A small number of cereal companies produce most of the cereal on the market.

5.

MULTIPLE CHOICE QUESTION

3 mins • 5 pts

In the 1990s, AT&T controlled 80% of the phone industry and was the ONLY provider of long distance phone service. This is an example of

A monopoly
Monopolistic Competition
Perfect Competition
Oligopoly

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

When a major car company lowers its prices, other car makers will probably 

maintain existing prices.
raise their prices.
go out of business.
lower their prices.

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

MARKET DOMINATED BY A FEW, LARGE PROFITABLE FIRMS THAT COLLUDE TO FIX PRICES

OLIGOPOLY

MONOPOLY

PERFECT COMPETITION

MONOPOLISTIC COMPETITION

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