Market Structures Quiz

Market Structures Quiz

11th Grade

9 Qs

quiz-placeholder

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Market Structures Quiz

Market Structures Quiz

Assessment

Quiz

Social Studies

11th Grade

Practice Problem

Easy

Created by

Leanne Magree

Used 3+ times

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9 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which market structure is characterized by many buyers and sellers, homogeneous products, and perfect information?

Monopoly

Oligopoly

Monopolistic Competition

Perfect Competition

Answer explanation

Perfect Competition is characterized by many buyers and sellers, homogeneous products, and perfect information.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which market structure do firms have some degree of market power due to product differentiation?

Perfect Competition

Monopoly

Oligopoly

Monopolistic Competition

Answer explanation

Firms in monopolistic competition have some market power due to product differentiation, allowing them to set prices to a certain extent.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a key characteristic of an oligopoly?

A single seller dominates the market.

Firms are price takers.

Few large firms dominate the market.

There is free entry and exit.

Answer explanation

An oligopoly is characterized by few large firms dominating the market, not a single seller or firms being price takers.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which market structure is described by having a single seller with significant market power and high barriers to entry?

Perfect Competition

Monopolistic Competition

Oligopoly

Monopoly

Answer explanation

A Monopoly is described by having a single seller with significant market power and high barriers to entry, making it the correct choice in this scenario.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which market structure is characterized by a single firm having complete control over supply and the ability to set prices without regard to competitors?

Perfect Competition (PC)

Monopolistic Competition

Oligopoly

Monopoly

Answer explanation

A Monopoly is characterized by a single firm having complete control over supply and the ability to set prices without regard to competitors.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which market structure is product differentiation the highest?

Perfect Competition (PC)

Monopolistic Competition

Oligopoly

Monopoly

Answer explanation

Product differentiation is highest in monopolistic competition as firms in this market structure have the ability to differentiate their products through branding, quality, and other factors to attract customers.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The ease of entry and exit is greatest in which of the following market structures?

Perfect Competition (PC)

Monopolistic Competition

Oligopoly

Monopoly

Answer explanation

Perfect Competition (PC) has the greatest ease of entry and exit due to low barriers, many firms, and identical products, making it easy for new firms to enter and existing firms to exit.

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