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Market Structures Quiz

Authored by Bob Schorr

Life Skills

12th Grade

Used 1+ times

Market Structures Quiz
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27 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What are market structures characterized by in an economy?

The degree of competition in a market

The number of consumers

The type of government

The geographical location

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is NOT a determinant of market structures?

Nature of the goods and products

Number of sellers

Type of currency used

Economies of scale

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

How many basic types of market structures are discussed in the document?

Two

Three

Four

Five

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is one of the four basic types of market structures?

Perfect Competition

Mixed Economy

Command Economy

Traditional Economy

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the purpose of understanding the different types of market structures?

To understand the principles behind the classification of market structures

To determine the best type of currency to use

To decide the geographical location of markets

To identify the best type of government

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is NOT an assumption of perfect competition?

The products on the market are homogeneous.

All firms have the motive of profit maximization.

There is no concept of consumer preference.

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In a perfect competition market structure, what role do firms play in terms of pricing?

Price setters

Price negotiators

Price regulators

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