Chapter 7-Econ

Chapter 7-Econ

9th - 12th Grade

14 Qs

quiz-placeholder

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Chapter 7-Econ

Chapter 7-Econ

Assessment

Quiz

Business

9th - 12th Grade

Practice Problem

Medium

Created by

Shawna Paitz

Used 1+ times

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14 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a market economy with perfect competition, sellers

control prices

enter and exit the market freely

join with other sellers to influence prices

have incomplete info about market conditions

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Some examples of standardized products include

ag products, such as milk

clothing products, such as belts and shoes

electronics, computers, tvs

furniture products, like tables and couches

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a market economy with imperfect competition sellers

are always well-informed of market conditions

never have any control over price

offer only standardized products

sometimes join with other sellers to influence prices

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A market structure in which only one seller sells a product for which there are no close substitutes is called a

cartel

monopoly

oligopoly

trust

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Monopolists are able to control pries because they have

a lot of competition and there are substitutes

a lot of competition and there are no substitutes

no competition and there are substitutes

no competition and there are no substitutes

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A monopoly in which the costs of production are lowest when only one firm provides output is called a

geographic monopoly

government monopoly

natural monopoly

technological monopoly

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A monopoly that exists because a firm controls a manufacturing method is called a

geographic

government

natural

technological

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