11. Market power: perfect and monopolistic competition

11. Market power: perfect and monopolistic competition

9th Grade

15 Qs

quiz-placeholder

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11. Market power: perfect and monopolistic competition

11. Market power: perfect and monopolistic competition

Assessment

Quiz

Other

9th Grade

Hard

Created by

Anna Rabiega

Used 6+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

What type of demand curve do the „price-makers” experience?

Upward-sloping

Horizontal

Downward-sloping

Vertical

2.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

What type of market structure is described below?

-Fairly large number of sellers

  • - Small firms, relatively to the size of the industry

  • - Differentiated products

  • - No barriers to entry/exit

monopolistic competition

oligopoly

perfect competition

monopoly

3.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

Firms in perfect competition are:

Price-makers

Price-takers

4.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

What type of demand curve do price-takers experience?

Downward-sloping

Horizontal

Vertical

Upward-sloping

5.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

Which level of output is the level of profit maximization?

AC=MC

MC=MR

MC=AR

AR=MR

6.

MULTIPLE SELECT QUESTION

10 mins • 1 pt

Select all situations that may happen in the long-run in perfect competition?

Losses

Abnormal profits

Normal profits

7.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

What is the point of productive efficiency?

AR=MR

MC=AC

MC=AR

AC=MR

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