4.1.8.6 Market imperfections NOTES

4.1.8.6 Market imperfections NOTES

Professional Development

10 Qs

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4.1.8.6 Market imperfections NOTES

4.1.8.6 Market imperfections NOTES

Assessment

Quiz

Social Studies

Professional Development

Easy

Created by

James Hannaford

Used 2+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does imperfect information in a market imply?

Information is perfectly distributed among all parties

One party lacks complete knowledge about a product or service

All parties have equal bargaining power

All parties have complete knowledge about the product

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is asymmetric information?

All parties refuse to share information

Both parties have equal information

Information is hidden from both the buyer and seller

One party has more information than the other

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can asymmetric information lead to market failure?

It ensures fair pricing in the market

It increases market transparency

It can lead to the sale of defective products at inflated prices

It enhances trust among market participants

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a monopoly?

A market with only one buyer

A fully competitive market

A market with many sellers

A market dominated by a single seller

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What effect does a monopoly have on market prices?

Decreases prices due to competition

Ensures an efficient allocation of resources

Increases consumer choice

Allows the monopolist to dictate prices

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is meant by the immobility of factors of production?

All factors are mobile

Factors cannot easily move between different uses or locations

Factors can easily move between different uses or locations

Factors of production do not exist

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does the immobility of labour contribute to market failure?

It ensures equal job opportunities across regions

It leads to high employment rates everywhere

It allows for flexible job markets

It results in persistent unemployment in certain areas

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