Market Structures Quiz

Benjamin, Henry, and Anika are participating in a local farmers market. In this market, there are many other buyers and sellers as well. What type of market structure does this scenario represent?

• Monopoly

• Oligopoly

• Monopolistic Competition

• Pure Competition

Mia, Aiden, and Sophia are discussing about different market structures in their economics class. They are trying to identify the market structure where sellers offer identical products. Can you help them?

• Monopoly

• Oligopoly

• Monopolistic Competition

• Pure Competition

David, Nora, and Scarlett are participating in a market simulation game. In which market structure of the game would they have clear incentives to gather as much information as possible?

• Monopoly

• Oligopoly

• Monopolistic Competition

• Pure Competition

Grace, Zoe, and Benjamin are starting their own businesses. Grace is starting a monopoly, Zoe is starting an oligopoly, and Benjamin is starting a business with differentiated products. Which market structure is Benjamin's business characterized by?

• Monopoly

• Oligopoly

• Monopolistic Competition

• Pure Competition

Jackson, Hannah, and James are discussing the local farmers market. They agree that the primary characteristic of this market, which is a purely competitive market, is what?

• Efficiency

• Control over price

• Differentiated products

• Barriers to entry

Kai, Charlotte, and Nora are running different coffee shops in a monopolistic competition. What physical characteristics can they use for non-price competition?

• Location of their coffee shop, level of service, and advertising

• Location of their coffee shop, level of service, and image or status of their coffee shop

• Level of service, advertising, and image or status of their coffee shop

• Location of their coffee shop, advertising, and image or status of their coffee shop

Isla, Aria, and James are studying about different market structures in their economics class. They are particularly interested in oligopolies. They are discussing what could be the barriers to entry in an oligopoly. What do you think they concluded?

• Technological advancements and economic realities could be barriers

• The system of government licenses and patents could be a barrier

• Both technological advancements and the system of government licenses and patents could be barriers

• Economic realities and the system of government licenses and patents could be barriers

Noah, Avery, and Ethan are members of a small group of companies that dominate the smartphone market. They have been accused of illegally setting prices and production levels. What is this practice called?

• Collusion

• Price war

• Price fixing

• Cartels

Priya is studying different market structures in her economics class. She came across a scenario where a single company, say 'X', controls the entire market for a particular product. What is this market structure called?

• Monopolistic Competition

• Oligopoly

• Monopoly

• Pure Competition

Avery, Evelyn, and Grace are studying about different types of monopolies in their economics class. They learned about a type of monopoly that is created by the government. Can you recall what it is called?

• Technological monopoly

• Government monopoly

• Franchise

• License