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Market Types Quiz

Authored by Hannah Maughan

Business

11th Grade

Used 7+ times

Market Types Quiz
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of market is characterized by having a large number of businesses that offer a similar product with some slight differences?

Pure monopolies

Monopolistic competition

Perfect competition

Oligopolies

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of market is characterized by a few large businesses dominating the market and often initiating strategies that force action from others?

Monopolistic competition

Oligopolies

Pure monopolies

Perfect competition

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the characteristic of a pure monopoly market?

Many sellers

Identical goods

Price cannot be controlled

Only one producer/seller

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What percentage of the market should the leading 4 businesses account for in order for a true Oligopoly to occur?

60-80%

40-60%

20-40%

80-100%

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the characteristic of a perfect competition market?

Similar, but slightly different products

Price is controlled by businesses

Only one producer/seller

Large number of businesses

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to the shrimp market in Forest Gump after the hurricane?

There are multiple buyers and sellers

Forrest is the sole supplier of the product, controlling the entire market

All the other boats exit the market

Forrest easily enters the market by buying a boat

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the competitive environment of the Australian coffee industry?

Dominant player in the market

High proportion of single-store independent coffee shops and major chains

No differentiation strategies employed

Low-quality coffee and poorly trained baristas

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