
Project ECo
Quiz
•
Other
•
11th Grade
•
Medium
Salah Hamada
Used 1+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a Monopoly?
A market in which there are many buyers but only one seller
A market in which there are Few buyers but only one seller
A market in which there are many buyers but many seller
A market in which there are many buyers but few seller
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is meant by Specialization?
Individuals can concentrate their skills on tasks at which the are the most skilled
Group that can concentrate their skills on tasks at which the are the most skilled
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the term "price takers" mean?
the buyer has no control over price
the seller has no control over price
the seller and the buyer has no control over price
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Fixed Costs are only fixed in the?
Long run
Short run
none of the above
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Factors that make it difficult for new firms to enter a market are called
Barriers to entry
Factors of production
Limited supply
Monopolistic Outlook
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What prevents firms from entering a monopoly?
Barriers to Entry
Technology
Price
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A market that has a few sellers of basically the same goods
Perfect Competition
Pure Monopoly
Monopolistic Competition
Oligopoly
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