
4.1.8.6 Market imperfections NOTES

Quiz
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Social Studies
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Professional Development
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Easy

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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