Economics Unit 3 Vocabulary

Economics Unit 3 Vocabulary

12th Grade

18 Qs

quiz-placeholder

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Economics Unit 3 Vocabulary

Economics Unit 3 Vocabulary

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Hard

Created by

Pamela Filor

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18 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Market classification according to number and size of firms, type of product, and type of competition

 Monopolistic Competition

Pure/Perfect Competition

Oligopoly

Market Structure

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Market structure characterized by a large number of well-informed independent buyers and sellers who exchange identical products, and have freedom of entry and exit (e.g., farming)

Monopoly

Industry

Pure/Perfect Competition

Market Structure

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Market structure having all conditions of perfect competition, except for identical products; a form of imperfect competition (e.g., designer clothing)

Industry

Monopolistic Competition

Market Failure

Externality

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Market structure characterized by a single producer; a form of imperfect competition (e.g., water, weapons-grade uranium)

Public Good

Monopoly

Partnership

Product Differentiation

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A group of firms that produce identical or similar products

Monopoly

Industry

Market Structure

 Oligopoly

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Real or imagined differences between competing products in the same industry

Pure/Perfect Competition

Corporation

Product Differentiation

Sole Proprietorship

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Market where any of requirements for a competitive market - adequate  competition, knowledge of prices and opportunities, mobility of resources, and competitive profits - are lacking

Market Failure

Product Differentiation

Oligopoly

Monopoly

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