
market power
Quiz
•
others
•
9th - 12th Grade
•
Hard
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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