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Types of Markets in Economics

Authored by C.J. Schmidt

Social Studies

12th Grade

91 Questions

Used 1+ times

Types of Markets in Economics
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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a type of market in the free-market economic system?

Perfect competition

Monopoly

Oligopoly

Monopsony

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Perfect competition requires all of the following conditions EXCEPT:

Many buyers and sellers

Differentiated products

Full information about prices and quality

Freedom to enter and exit the market

3.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Which of the following is an example of a perfectly competitive market? (Select all that apply)

Eggs

Italian Market in South Philly

Restaurants

Shoe stores

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Monopolistic competition includes:

Multiple sellers producing identical products

Multiple sellers producing differentiated products

One seller producing identical products

One seller producing differentiated products

5.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

What is/are the primary (legal) method(s) for firms in an oligopoly to boost sales?

Product differentiation

Collusion

Price leadership

Advertising

6.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Which of the following is an example of a legal monopoly? (Select all that apply)

Water suppliers

Cable TV providers

Copyright holders

Patent holders

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of collusion in an industry?

To increase competition

To lower prices for consumers

To limit competition and set prices

To encourage innovation

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