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Market Structure Easy Level

Authored by Fakhrul Faris

Business

University

Used 1+ times

Market Structure Easy Level
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15 questions

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1.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Which market structure is characterized by a large number of firms, similar but not identical products, and easy entry and exit?

Perfect competition
Monopoly
Oligopoly
Monopolistic competition
Duopoly

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

True or False: In a perfectly competitive market, firms have significant market power.

False
True

3.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Which market structure is characterized by a single firm as the sole seller of a product with no close substitutes?

Perfect competition
Monopoly
Oligopoly
Monopolistic competition
Duopoly

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is a characteristic of monopolistic competition?

Many firms with similar but not identical products
One firm with a unique product
A few firms with similar products
One firm with a unique product
Many firms with identical products

5.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

In which market structure do firms engage in strategic interactions and compete based on pricing, output, and product differentiation?

Perfect competition
Monopoly
Oligopoly
Monopolistic competition
Duopoly

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the primary characteristic of a monopoly market structure?

A large number of firms
Identical products
Easy entry and exit
A single firm as the sole seller
Many close substitutes

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

True or False: Oligopoly is a market structure characterized by many firms competing with identical products.

False
True

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