Unit 4.1 AP Micro

Unit 4.1 AP Micro

12th Grade

10 Qs

quiz-placeholder

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Unit 4.1 AP Micro

Unit 4.1 AP Micro

Assessment

Quiz

History

12th Grade

Practice Problem

Medium

Created by

Jenika Smith

Used 5+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which market structure are firms considered "price takers"?

Monopolistic Competition

Oligopoly

Perfect Competition

Monopoly

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a common characteristic of monopolistic competition AND perfect competition?

No barriers to entry

Identical products

To make long-run profit

Collusion among firms

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which market structure is price discrimination most likely to occur?

Oligopoly

Monopolistic competition

Perfect competition

Monopoly

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which market structure do firms typically operate with excess capacity?

Perfect competition

Monopolistic competition

Monopoly

Oligopoly

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which market structure are firms both productively and allocatively efficient in the long run?

Monopoly

Oligopoly

Perfect competition

Monopolistic competition

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which market structure is the concept of "excess capacity" most relevant?

Monopoly

Oligopoly

Monopolistic competition

perfect competition

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which market structure does advertising play the most significant role, and why?

Monopoly, as it is essential to maintain high prices

Perfect competition, to create product differentiation

Oligopoly, to signal quality and attract customers

Monopolistic competition, to differentiate products and influence customer preference

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