Which market structure: a few firms that work together to change output to control prices

Economics Semester Exam Review

Quiz
•
Social Studies
•
9th Grade
•
Hard
Catherine Eisele
Used 2+ times
FREE Resource
37 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Monopoloy
Oiligopoly
Monopolistic Competition
Perfect Competition
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How are monopolies a problem for consumers?
They prevent competition
They are illegal in all countries
They increase demand to create shortages
They have many externalities and are often the tragedy of the commons
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If demand is low and supply is high, what is it called?
Unintended Consequences
Surplus
Shortage
Equalibrium
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If demand for goods/services decreases, what happens to the price?
Rises
Falls
Stays the Same
Tragedy of the Commons
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In what market structure is price competition the only competition?
Monopoly
Oligopoly
Monopolistic Competition
Perfect Competition
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What kind of shift?
In the market for peaches, the trees are hit with a disease.
Demand Left Shift
Supply Left Shift
Demand Right Shift
Demand Left Shift
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which is NOT one of the roles the U.S. government plays in the economy?
Buy goods and services
Regulate the growth of the economy directly
Collect taxes
Control all new businesses entering the market
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