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Market Structures Quiz

Authored by Sara Howard

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12th Grade

6 Questions

Used 3+ times

Market Structures Quiz
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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is perfect competition?

Perfect competition is a market structure where there are few buyers and sellers, heterogeneous products, imperfect information, high barriers to entry or exit, and individual firms have control over the market price.

Perfect competition is a market structure where there are many buyers and sellers, differentiated products, limited information, high barriers to entry or exit, and individual firms have control over the market price.

Perfect competition is a market structure where there are few buyers and sellers, homogeneous products, perfect information, no barriers to entry or exit, and individual firms have control over the market price.

Perfect competition is a market structure where there are many buyers and sellers, homogeneous products, perfect information, no barriers to entry or exit, and no individual firm has control over the market price.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which market structure has a single seller with complete control over the market?

Monopoly

Oligopoly

Perfect competition

Monopolistic competition

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an example of an oligopoly market?

Fast food industry

Smartphone industry

Clothing industry

Automobile industry

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is monopolistic competition?

Monopolistic competition is a market structure in which there are many firms selling identical products.

Monopolistic competition is a market structure in which there are few firms selling identical products.

Monopolistic competition is a market structure in which there are many firms selling differentiated products.

Monopolistic competition is a market structure in which there is only one firm selling a product.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is market power?

The ability of a firm or a group of firms to minimize costs in a market.

The ability of a firm or a group of firms to collaborate with competitors in a market.

The ability of a firm or a group of firms to attract customers in a market.

The ability of a firm or a group of firms to influence the price and output in a market.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the characteristics of monopolistic competition?

Monopolistic competition is a market structure in which there are many firms selling identical products.

Monopolistic competition is a market structure in which there are few firms selling identical products.

Monopolistic competition is a market structure in which there are many firms selling differentiated products.

Monopolistic competition is a market structure in which there is only one firm selling a product.

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