E.26: Firms with Market Power
Quiz
•
Social Studies
•
12th Grade
•
Medium
Sheridan Kaatz
Used 1+ times
FREE Resource
5 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What allows firms with market power to have more flexibility in setting prices?
Their ability to influence market trends
A relatively inelastic demand for their product
Lack of direct competition
Higher average costs compared to competitors
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why might firms with market power produce at lower costs?
Because of their larger market share
Due to higher demand for their products
They have economies of scale or other advantages
Their strategic pricing tactics
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a strategic pricing tactic that firms with market power might engage in?
Pricing products below average cost
Pricing above marginal cost to maximize profits
Matching competitors' prices
Avoiding any form of pricing strategy
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Besides price, how else might firms with market power maintain their market position?
By reducing the quality of their products
Through aggressive marketing strategies only
Differentiating their products through branding or quality
Limiting their product range
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What regulatory aspect must firms with market power consider?
Global market trends
Antitrust laws that may restrict certain pricing practices
Only focusing on non-price competition
Ignoring competitors' actions
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