
11. Market power: perfect and monopolistic competition
Quiz
•
Other
•
9th Grade
•
Hard
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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