Topic Review: Government Intervention and Market Power

Topic Review: Government Intervention and Market Power

11th Grade

13 Qs

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Topic Review: Government Intervention and Market Power

Topic Review: Government Intervention and Market Power

Assessment

Quiz

Social Studies

11th Grade

Medium

Created by

LUC MODDE

Used 4+ times

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13 questions

Show all answers

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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