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E.21: Competition in a Market Structure

Authored by Sheridan Kaatz

Other

12th Grade

10 Questions

Used 1+ times

E.21: Competition in a Market Structure
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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What defines a monopoly in the market?

Many sellers and buyers

Products are identical

Only one seller controlling the entire market

A small number of firms dominate the market

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of an oligopoly?

Restaurants

Agricultural markets

Automobile industry

Local utilities

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a characteristic feature of monopolistic competition?

High barriers to entry

Interdependence among firms

Product differentiation

Homogeneous products

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which market structure do firms have some control over the price?

Perfect competition

Monopolistic competition

Monopoly

Oligopoly

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a key feature of perfect competition?

Unique product

Few sellers

Many sellers and buyers

Price maker

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which market structure is characterized by having a unique product with no close substitutes?

Oligopoly

Perfect competition

Monopolistic competition

Monopoly

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What distinguishes oligopoly from monopolistic competition?

A small number of firms dominate the market

Homogeneous products

Many sellers

Freedom of entry and exit

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