Economics - Markets and Market Failures

Economics - Markets and Market Failures

12th Grade

8 Qs

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Economics - Markets and Market Failures

Economics - Markets and Market Failures

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Easy

Created by

Amanda Slaten

Used 54+ times

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8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

A market structure in which a few large firms dominate a market ...

Monopoly

Perfect competition

Oligopoly

Barriers to entry

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

An illegal agreement among firms to divide the market, set prices, or limit production ...

Collusion

Oligopoly

Barriers to entry

Perfect competition

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Goods and services provided by the government ...

Externalities

Public Goods

Free-Rider Problem

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

A market in which there are many buyers and many sellers of an identical product ...

Collusion

Monopoly

Oligopoly

Perfect competition

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Factors that make it difficult for a new firm to enter a market ...

Collusion

Barriers to entry

Oligopoly

Monopoly

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Individuals benefit from public goods that don't help pay for them through taxes.

Externalities

Public Goods

Free-Rider Problem

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

“Side effects” of producing the good or service and can have a positive or negative affect on others.

Externalities

Public Goods

Free-rider problem

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

A market for a good or service where there is only one supplier, or that is dominated by one supplier ...

Monopoly

Collusion

Perfect competition

Barriers to entry