Topic Review: Government Intervention and Market Power
Quiz
•
Social Studies
•
11th Grade
•
Medium
LUC MODDE
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13 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Identify the type of market: many small firms, homogenous products, no barriers to entry
Monopoly
Monopolistic Competition
Oligopoly
Perfect Competition
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Identify the type of market: one large firm, high differentiation, no substitutes, extremely high barriers to entry
Monopolistic Competition
Perfect Competition
Oligopoly
Monopoly
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Identify the type of market: many small firms, slightly differentiated products, some barriers to entry
Oligopoly
Monopoly
Monopolistic Competition
Perfect Competition
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Identify the type of market: a few large firms, differentiated products, high barriers to entry
Monopoly
Oligopoly
Monopolistic Competition
Perfect Competition
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
How does a monopoly determine its selling price?
Market Equilibrium Price
Following the Price of Competitors
Government Regulated Price
Where profits are maximised
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which of the following is NOT an example of an Australian oligopoly market?
Supermarkets
Airlines
Motel/Hotel Industry
Banking Sector
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which of the following is NOT a barrier to entry?
Finding skilled labour
Economies of Scale
Legislation
Product Differentiation
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