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Understanding Market Structures

Authored by Morgan Skelton

Social Studies

12th Grade

Used 2+ times

Understanding Market Structures
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What determines the setting of market prices?

Consumer and supplier interactions

Random fluctuations

International market trends

Government regulations

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which market structure is characterized by many small firms producing identical products?

Monopoly

Oligopoly

Perfect competition

Monopolistic competition

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is agriculture often considered a classic example of perfect competition?

Many producers with identical products

Few large producers

High product differentiation

Government control over pricing

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What allows firms in monopolistic competition to retain some control over their prices?

Product differentiation

Limited number of firms

Government subsidies

High barriers to market entry

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which market structure features a large number of firms with differentiated products?

Monopolistic competition

Perfect competition

Oligopoly

Monopoly

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a key characteristic of an oligopoly?

Many small producers

Single producer

Unlimited market entry

Few large producers

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does the nature of the product affect competition in an oligopoly?

Products are undifferentiated

No products are available to the public

Products are highly differentiated

All products are government-regulated

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