ECON 201 Quiz 2 prep
Authored by Pat Beck
Social Studies
University
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30 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In which market structure do firms maximize profit when MC=MR?
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
All of these
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In which market structure do firms have the most market power?
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
All of these
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In which market structure do firms have the least market power?
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
All of these
4.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
In which market structure can firms produce differentiated products?
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
All of these
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In which market structure does consumer income affect price and/or demand?
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
All of these
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which market structure has the lowest profit margins for firms?
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
All of these
7.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
In the long run, in which market structure are economic profits driven to 0?
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
All of these
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