7.1-7.3 - Market Structures

7.1-7.3 - Market Structures

12th Grade

10 Qs

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7.1-7.3 - Market Structures

7.1-7.3 - Market Structures

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Easy

Created by

Anthony Hoyt

Used 4+ times

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10 questions

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1.

MATCH QUESTION

2 mins • 1 pt

Match the following terms with the correct defintion.

Imperfect competition

A market structure that has a large number of well informed independent buyers and sellers who exchange identical products.

Perfect competition

Name given to any of the three market structures that lacks one or more of the conditions required for perfect competition.

Laissez-faire

Nature and degree of competition among firms doing business in the same industry.

Market Structures

"Allow them to do" and was the prevailing philosophy for limited government.

2.

MATCH QUESTION

1 min • 1 pt

Match the following imperfect competition terms with the correct defintion.

Monopoly

All conditions of perfect competition except identical products.

Monopolistic competition

Only one seller of a particular product.

Oligopoly

Very few large sellers dominate the industry.

3.

MATCH QUESTION

2 mins • 1 pt

Match the following kinds of monopolies with the correct defintion and description.

Technological Monopoluy

Based on ownership or control of a manufacturing method, process, or other advance.

Geographic Monopoly

Based on the absence of other sellers in the area.

Natural Monopoly

Owned and operated by the govt. All three levels of the govt. can do this.

Government Monopoly

Situation where the costs of production are minimized by having a single firm produce the product.

4.

MATCH QUESTION

2 mins • 1 pt

Match the following terms with the correct definition.

Collusion

Use of advertising, giveaways, or other promotions designed to convince buyers that the product is unique or better.

Product Differentiation

Agreeing to charge the same or similar prices for a product.

Nonprice competition

Real or perceived differences between competing products in the same industry.

Economies of sale

Situation where the avg. cost of production falls as the firm gets larger.

Price-fixing

Formal agreement set to specific prices of to otherwise behave in a cooperative manner.

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is not a condition that is necessary for a perfect competition.

Must be a small amount of buyers and sellers.

Buyers and sellers deal in identical products.

Buyer and seller act independently.

Buyer and seller are reasonably well-informed about products and prices.

Buyers and sellers are free to enter, conduct, or get out of business.

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

In which of these scenarios is it most challenging to enter the market?

Perfect Competition

Monopolistic Competition

Oligopoly

Pure Monopoly

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

True or False: The profit maximizing behavior of the monopolistic competitor is no different from that of other firms.

True

False

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