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Market Structures

Authored by Brandon Nyama

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12th Grade

Market Structures
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5 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main characteristic of a perfectly competitive market?

Few buyers and sellers with differentiated products

Imperfect information and high barriers to entry

Many buyers and sellers with homogeneous products, perfect information, low barriers to entry and exit, and no market power.

Market power and monopolistic competition

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which market structure does a single firm dominate the market?

Oligopoly

Monopoly

Perfect Competition

Monopsony

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Is the airline industry an example that exhibits an oligopoly?

Yes

No

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does monopolistic competition differ from perfect competition?

Monopolistic competition involves identical products and no market power.

Perfect competition involves product differentiation and some market power.

Monopolistic competition involves high barriers to entry and few firms in the market.

Monopolistic competition involves product differentiation and some market power, while perfect competition involves identical products and no market power.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term is used to describe a firm's ability to influence the market price of its product?

Price control

Demand elasticity

Market power

Monopoly power

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