market power

market power

9th - 12th Grade

14 Qs

quiz-placeholder

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market power

market power

Assessment

Quiz

others

9th - 12th Grade

Hard

Created by

IB Economics

Used 2+ times

FREE Resource

14 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What market type would hairdressers be?

Monopoly

Oligopoly

Perfect competition

Monopolistic competition

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A firm is allocatively efficient when they produce at:

AR = MC

AR=AC

MR=MC

none of the above

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How many firms do we assume to exist in a perfectly competitive market?

fairly many

infinitely many

just one

a few

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Another name for "identical" products in a perfectly competitive market would be...

Homosexual

Homogenous

Homophobic

Homographic

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which industry would be the best example of a natural monopoly?

Car mechanics

Waste management

Streaming services

Agricultural goods

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Can a monopoly make abnormal profits?

Only in the short run

Yes, both in the short run and the long run

Only in the long run

No, neither in the short run nor the long run

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Firms in a perfectly competitive market are...

all price-takers

50/50 price-takers and price-makers

all price-makers

none of the above

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