Week 3 Quiz (new version)

This is the most ideal market structure for consumers because it has the lowest prices of all 4 due to its high level of competition.

• perfect competition

• monopolistic competition

• oligopoly

• monopoly

This market structure is characterized by the lowest level of competition among producers and the highest prices.

• monopolistic competition

• monopoly

• oligopoly

• perfect competition

In a Perfect Competition, products are basically..

• differentiated

• identical

• similar

• opposite

An Oligopoly is when there are

• few producers who control the market

• only one producer

• an open market with plenty of producers

• a market that hasn't yet been discovered

Coke and Pepsi are the main producers and control the soda market. This is an example of:

• Oligopoly

• Monopoly

• Monopolistic Competition

• Perfect Competition

Your family can only get electricity or natural gas to their home through one provider. There is no other option. This is an example of_

• monopoly

• monopolistic competition

• oligopoly

• perfect competition

This diagram is called a:

• Production Possibilities Curve

• Supply and Demand Curve

• Circular Flow Model

• Circular Motion Equation

Governments earn money from _________________ households and firms.

• stealing from

• working with

• trading with

• taxing

What does point A represent on the Circular flow diagram?

• Households

• Businesses

• Factor Market

• Product Market

In the circular flow model, consumption goods are bought and sold in the

• product market
• financial market
• resource market
• government market